Ukraine to accede to the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions

On March 10, the Verkhovna Rada of Ukraine adopted as whole the law on Ukraine's accession to the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions. Accession to the Convention is an important step towards Ukraine's membership in the Organization for Economic Cooperation and Development (OECD), strengthening Ukraine's role in implementing the mandate of the OECD Working Group on Bribery in International Business Transactions, and introducing its best practices and solutions.

"Accession to the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions is an important step in the development of Ukraine's anti-corruption policy and confirmation of the results of many years of cooperation with the OECD. Even in the context of a full-scale war, Ukraine continues to pursue systemic reforms and strengthen its anti-corruption infrastructure. We are building an effective system that meets the best international standards," said Deputy Prime Minister for European and Euro-Atlantic Integration of Ukraine Taras Kachka, commenting on the Parliament's decision.

The Convention establishes international standards for the criminalization of bribery of foreign public officials in international business transactions, the liability of legal entities, the application of effective sanctions, the prevention of money laundering, and requirements for proper accounting and financial reporting.

The Convention also provides for mechanisms of international legal assistance, extradition, and monitoring of states' compliance with their obligations.

The implementation of the Convention requires amendments to the Criminal Code of Ukraine, the Criminal Procedure Code of Ukraine, and the Law of Ukraine “On Prevention of Corruption.”

Ukraine's accession to the Convention would open up new opportunities for international cooperation in the investigation of corruption crimes, help build trust among international partners and businesses, and be another important step towards bringing Ukraine closer to OECD and European Union standards.