As the world s leader in the promotion of democratic values, the United States has a unique obligation to confront the many challenges to these cherished values. Public corruption ranks among those challenges. Corruption not only wastes public resources, but it also discourages investment from overseas. Indeed, when conducting operations abroad, an international businessperson seeks, among other things, a sound and honest host government that upholds the rule of law. If a government is known or suspected to be corrupt, the willingness of the business community to invest is diminished.
Corruption thus deters international trade and, consequently, hinders economic growth.
The United States has been in the forefront of the fight against international corruption. In 1977, Congress enacted the Foreign Corrupt Practices Act, which, among other things, criminalizes the bribing of foreign officials. The next major step in fighting international corruption is the Inter-American Convention Against Corruption. The Convention commits our trading partners in the Americas to criminalize a wide range of corrupt acts, increase enforcement, enhance legal and judicial cooperation, and strengthen preventive measures such as disclosure of assets. The Administration has indicated that no implementing legislation will be needed for U.S. compliance with the Convention.