Since the 1990s, the Organization for Economic Cooperation and Development (OECD) has
pursued the issues of bribery and tax havens, resulting in changes to certain U.S. laws. In
addition, the OECD, under the direction of its member countries, spearheaded an international
agreement to outlaw crimes of bribery and it continues to coordinate efforts that are aimed at
reducing the occurrence of money laundering and corruption. Also, the OECD is a pivotal player
in promoting corporate codes of conduct that attempt to develop a set of standards for
multinational firms that can be applied across national borders. In the 110th Congress, companion
legislation was introduced in the House (H.R. 2136) and the Senate (S. 681) to restrict the use of
tax havens. Similar legislation may be introduced in the 111th Congress. Some estimates indicate
that tax havens cost the United States $100 billion each year in lost tax revenues (The Christian
Science Monitor, Tax Havens in U.S. Cross Hairs, by David R. Francis, June 9, 2008).This report
will be updated as warranted by events.