Transparency International (TI) recently released, in draft form for consultation, a White Paper entitled “Anti-Bribery Guidance for Transactions.” Although this version was preliminary draft, available for a commentary period and the final version is to be released later in October, 2011, the guidance provided is well worth reviewing and will be of great use to any company engaged in international transactions. We will therefore review this document over two postings. In Part I, we will review the risks to companies involved in international mergers and acquisitions. In Part II, we will discuss the due diligence process suggested by Transparency International for such transactions.