The Organisation for Economic Co-operation and Development (OECD) has just completed a review of the Republic's anti-corruption legislation. A final report on the matter is not expected until the autumn though it is understood the opinion formed was broadly positive.
The Republic is the only one of 34 original signatories to have failed as yet to ratify an OECD convention to reduce corruption in international business transactions.
A spokesman for the Department of Justice, Equality and Law Reform said the measures necessary for ratification of the convention were likely to be presented to the Dáil during the coming session.
A working group on bribery reviews the implementing legislation of the various signatories. Its examination of the Republic's legislation, the Prevention of Corruption (Amendment) Act, 2001, ended on Friday. But further work will be done before a report is issued.
The 2001 Corruption Act will also allow the Republic to sign up to conventions dealing with corruption drawn up by the European Union and the Council of Europe.
As well as reviewing legislation which allows implementation of the OECD's Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, the OECD also examines whether states allow expenditure on bribes to foreign public officials to be tax deductible for business.
In its most recent report on the issue, it stated that the Republic did not allow deductions for bribes paid to foreign officials.
"On the basis of legal advice received, bribes paid to foreign public officials would not be deductible on public policy grounds.
"It is also considered that the conditions in Irish tax law for deductibility of expenses could never be met in the case of bribes paid to foreign officials.
"Accordingly, it has not been considered necessary to introduce specific legislation to deny a deduction."
The OECD has said the implementation of domestic anti-corruption legislation in the states which are signatories to the convention has to be rigorously monitored.
It also intends to review the working of the convention with a view to introducing new measures if necessary.
"Corruption has become an issue of major political and economic significance in recent years and the necessity to take measures against it has become evident," according to an OECD spokeswoman.
"The OECD has assumed a leading role in preventing international bribery and corruption."
The organisation says the convention will contribute towards the reduction of corruption in international business transactions and help maintain the integrity of the financial system.
