The following is a fact sheet issued by the U.S. Department of State on May 27, 1997

The Organization of American States (OAS) Inter-American Convention Against Corruption is the first multilateral anti-corruption treaty instrument negotiated in the world and is expected to enhance cooperation among the nations of the hemisphere in the battle against domestic and transnational acts of corruption. The problem of corruption has been of particular concern to the United States because of its corrosive effects on democratic institutions and economic efficiency and because of the links that often exist between corruption and organized criminal activity such as drug trafficking.

The convention:

Breaks significant new ground by requiring parties to criminalize the bribery of foreign officials, similar to the U.S. Foreign Corrupt Practices Act (FCPA);

Requires parties to update their domestic legislation to criminalize corrupt acts such as bribery;

Requires states to assist one another in criminal investigations and prosecutions related to such acts; and

Explicitly disallows the use of "bank secrecy" as a basis for denying assistance.

Who has signed? Twenty-five countries have signed the convention since the conclusion of negotiations on March 29, 1996: Argentina, Bahamas, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, Suriname, Trinidad and Tobago, United States, Uruguay, and Venezuela.

Who has ratified? Ten countries have deposited their instruments of ratification with the OAS: Argentina, Bolivia, Costa Rica, Ecuador, Honduras, Mexico, Paraguay, Peru, Trinidad and Tobago, and Venezuela. The Clinton administration submitted the convention to the U.S. Senate for advice and consent to ratification in April 1998.

When did the convention enter into force? The convention entered into force on March 6, 1997, 30 days after the second country deposited its instrument of ratification. It enters into force for each subsequent country 30 days after submitting its instrument of ratification with the OAS.