The OECD Fights Corruption on a Global Scale

Organization for Economic Cooperation and Development  pic

Organization for Economic Cooperation and Development
Image: oecd.org

Tax planning and consulting professional Michael Mundaca serves as the co-director of the National Tax Department and Americas Tax Center at EY in Washington, DC. Prior to his role as co-director, Michael Mundaca worked as the assistant secretary for tax policy at the US Treasury Department, where his responsibilities included representing America in fora such as the Organization for Economic Cooperation and Development (OECD).

The OECD is an international forum in which representatives from 35 countries work to promote policies that will improve the economic and social well-being of people around the world. Within its work, the OECD dedicates resources to a long list of core issues, one of which is anti-corruption.

To help reduce corruption and limit the impact that it has on the world’s economic health, the OECD adopted in 2009 a policy guarding against the bribery of foreign policy officials. All members of the OECD have officially agreed to abide by the terms of this anti-bribery policy, along with non-member nations including Argentina, South Africa, and Russia. By agreeing to comply with these new corruption-combating standards, all participants have been required to integrate corporate liability for bribery into their legal systems and pass domestic foreign bribery laws of their own.

The Role of the US Department of Treasury

US Department of Treasury pic

US Department of Treasury
Image: treasury.gov

Michael Mundaca brings years of experience in tax policy to his current position as codirector of the national tax department and America’s tax center at Ernst & Young LLP. In addition to his experience with EY, Michael Mundaca spent several years working within the United States Department of Treasury at the appointment of President Obama as the assistant treasury secretary for tax policy, reporting to Treasury Secretary Timothy Geithner.

The United States Department of Treasury is the executive agency responsible for promoting economic stability and ensuring the financial security of the United States. It is responsible for a wide range of activities such as advising the President on economic and financial issues and encouraging sustainable economic growth.

The Department operates and maintains systems that are critical to the nation’s financial infrastructure, such as the production of coin and currency, the disbursement of payments to the American public, revenue collection, and the borrowing of funds necessary to run the federal government. Its duties include advising on national and international financial, tax, and trade policies, collecting taxes, and investigating and prosecuting tax evaders.

The head of the department is the United States Secretary of the Treasury. The secretary is appointed by the president with the advise and consent of the senate.