Corruption respects no borders, knows no economic distinctions, and infects all forms of government.
Today, corruption has moved to the top of the global political agenda as its dramatic impact on economic development and its corrosive effect on political stability and democratic political institutions has become increasingly obvious. In the new millennium, the OECD and associated governments, which account for over 75 percent of trade and investment worldwide, will play by stricter rules. The Convention on Combating Bribery of Foreign Public Officials in International Business Transactions will outlaw the practice of bribing foreign officials, making competition for international business much more fair and open. Bribery in commercial transactions is only part of the problem. A whole arsenal of legal instruments to combat corruption have now been developed to improve ethical standards in the public sector, to end tax deductibility for bribes, to curtail money laundering, and to clean up public procurement practices.