"I believe this accession is exceptionally important and will help harmonise international corruption combating standards and our legal system," the Interfax news agency quoted Russian President Dmitry Medvedev as saying
LONDON (TrustLaw) – Russia has officially joined the Organisation for Economic Cooperation and Development’s (OECD) anti-bribery convention, Russian news agency Interfax reported on Wednesday.
Russia agreed to sign up to the OECD’s Convention on Combating Bribery of Foreign Public Officials in International Business Transactions last May but it has taken until this week for Russia’s parliament and Federation Council to approve the convention and for Russian President Dmitry Medvedev to sign it into law.
"I believe this accession is exceptionally important and will help harmonise international corruption combating standards and our legal system," Interfax quoted Russian President Dmitry Medvedev as saying at a Wednesday conference announcing Russia’s accession to the convention.
"Now not only will actual corrupt deeds but also proposals or promises of money or other property to a foreign public official in exchange for some actions on their part will be subject to administrative and criminal liability," Medvedev added.
All 34 members of the OECD have adopted the convention, as have Argentina, Brazil, Bulgaria, South Africa and now Russia.
Countries party to the convention are subject to monitoring by officials from other states at regular meetings.
While joining the convention removes a big hurdle for Russia's accession to the OECD, Moscow must also join the World Trade Organisation, which has so far proven more difficult.
Russia is regarded as one of the world's most corrupt countries for doing business, according to pressure group Transparency International's 2011 corruption perceptions index, which rated it 143rd out of 183 countries.
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