International Anti-Bribery and Fair Competition Act of 1998

International Anti-Bribery and Fair Competition Act of 1998 - Revises the Securities Exchange Act of 1934 and the Foreign Corrupt Practices Act of 1977 to prohibit conduct intended to secure improper advantages from foreign officials by: (1) issuers of securities; (2) officials of international organizations; and (3) domestic concerns.

(Sec. 2) Redefines "foreign official" to include an official of a public international organization. Defines such an organization as either one designated by Executive order pursuant to the International Organizations Immunities Act, or any other international organization designated by Executive order of the President.

(Sec. 3) Declares that it is unlawful for any issuer organized under the laws of the United States (or any U.S. person acting on the issuer's behalf) to corruptly do specified prohibited acts outside of the United States.

(Sec. 4) Amends the Foreign Corrupt Practices Act of 1977 to proscribe specified foreign trade practices by a covered person (or any officer, director, employee, agent, or stockholder thereof) while in United States territory. Sets forth affirmative defenses to enforcement actions.

Authorizes the Attorney General to bring a civil action in Federal district court to enjoin such proscribed actions.

Prescribes civil and criminal penalties for violations of this Act.

(Sec. 5) Declares that, for purposes of the Securities Exchange Act of 1934 and the Foreign Corrupt Practices Act of 1977, an international organization providing commercial communications services shall be treated as a public international organization until the President certifies to certain congressional committees that it has achieved a privatization consistent with Federal policy of obtaining full and open competition, and nondiscriminatory market access in the provision of satellite services (pro-competitive privatization).

Prohibits such certification from being construed to affect Federal Communications Commission authorization of services to, from, or within the United States over space segment (sic) of international satellite organizations, or their privatized affiliates and successors.

Denies an international organization immunity from suit or legal process for any act or omission it has taken as a provider of commercial telecommunications services to, from, or within the United States. (Retains the immunity from personal liability of an individual official or employee of an international organization providing commercial communications services.) Directs the President expeditiously to take all actions necessary to eliminate or limit substantially any exceptions to such denial. Preserves an organization's immunity from suit or legal process for certain law enforcement and intelligence functions.

Prohibits this Act from being construed as legislative authorization for the privatization of INTELSAT or Inmarsat, nor to increase the President's authority with respect to privatization negotiations.

(Sec. 6) Directs Secretary of Commerce to report periodically to certain congressional committees on specified aspects of the implementation of the Convention on Combating Bribery on Foreign Public Officials in International Business Transactions.