TEXT: U.S. STATEMENT ON BRIBERY AND CORRUPTION LEGISLATION
(Urges congressional approval of bribery bills)

Washington -- The U.S. Department of State has issued a statement urging the Senate to approve an OECD Convention against bribery of foreign public officials and asking the Senate and the House of Representatives to pass legislation to make the Foreign Corrupt Practices Act conform to the new convention.

"This Convention strikes a major blow against bribery and corruption, will bolster economic development and foster democracy, and will help level the playing field for U.S. companies," Deputy Spokesman James Foley said in the statement issued May 5. "U.S. firms have lost billions of dollars in overseas business deals in which bribes played the decisive role in the awarding of contracts."

All 33 signatories to the convention have agreed to ratify it and pass implementing legislation this year.

Following is the text of the statement:

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U.S. DEPARTMENT OF STATE
Office of the Spokesman
May 5, 1998

STATEMENT BY JAMES B. FOLEY, DEPUTY SPOKESMAN

OECD CONVENTION ON COMBATING BRIBERY OF FOREIGN PUBLIC OFFICIALS

On May 1, the President sent to the Senate for its approval an historic agreement: the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions. We also sent legislation to both Houses of Congress, which proposes amendments to the Foreign Corrupt Practices Act necessary to implement the Convention.

This Convention strikes a major blow against bribery and corruption, will bolster economic development and foster democracy, and will help level the playing field for U.S. companies. U.S. firms have lost billions of dollars in overseas business deals in which bribes played the decisive role in the awarding of contracts.

The OECD Convention is the product of strong American leadership and reflects a broad, bipartisan consensus on the need for effective international action on foreign corrupt practices. Twenty years ago, a bipartisan effort in Congress led to the adoption of the Foreign Corrupt Practices Act, which prohibits U.S. companies from bribing foreign officials. The Congress called in the 1988 Trade Act for the U.S. government to launch an anti-bribery effort in the OECD. The OECD Convention owes its conception to these actions.

Twenty-eight OECD countries plus five other nations -- Argentina, Brazil, Chile, the Slovak Republic and Bulgaria -- signed the Convention on December 17, 1997. Secretary of State, Madeleine K. Albright, participated on behalf of the United States.

Convention signatories have committed themselves to make the bribery of foreign public officials a criminal offense, to levy severe penalties -- criminal and civil -- on those who bribe, and to make bribery an extraditable offense.

All signatories to the Convention have agreed to seek the Convention's ratification and passage of implementing legislation by the end of this year.

The Secretary urges the Senate to approve the Convention and both Houses of Congress to pass implementing legislation as soon as possible. Continued U.S. leadership will spur other governments to act. Rapid implementation of the Convention will directly benefit our international interests and U.S. firms and their employees.

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