Steps to tackle international fraud adopted at OECD summit

Offshore, Regulation & enforcement, Scoops  

Earth Times News Service, May 18, 2001

In the first salvo of an international effort to disable the system of shell companies used widely by criminals, corrupt officials, and tax cheats, the OECD Council of Ministers on May 10th adopted a report on what countries should do to pierce shell company secrecy. Called “Misuse of Corporate Vehicles for Illicit Purposes,” it is part of a campaign by the world‘s financial powers against the illicit offshore bank and corporate secrecy system. It was written by OECD Steering Group on Corporate Governance made up of experts from member countries‘ finance and securities ministries.

OECD commits to curb bribery among public officials

Offshore, Regulation & enforcement, Scoops  

Earth Times News Service, May 14, 2001

PARIS — OECD Secretary General Donald Johnston says he is pleased about the OECD commitment to try to stop companies from its own member states from bribing public officials in other countries. But, he added, that effort needs to be extended to cover bribery of corporate officials as well.

The Convention on Combating Bribery of Foreign Public Officials in International Business Transactions entered into force in February 1999. It commits 34 signatory countries, including all the world’s biggest economies, to adopt common rules to punish companies and individuals who engage in bribery.