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.

Redefines "foreign official" to include an official of a public international organization.

Declares that it is unlawful for any issuer organized under the laws of the United States (or any officer, director, employee, agent, or stockholder thereof who is a U.S. person acting on the issuer's behalf) to corruptly do specified prohibited acts outside of the United States.

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 both juridical and natural persons for violations of such Act.

Denies immunity from suit or legal process to an international organization providing commercial communications services, its officials, and its records for any act or omission taken in connection with the organization's capacity as a provider, directly or indirectly, of commercial telecommunications services to, from, or within the United States. Directs the President to take all actions necessary to eliminate or limit substantially any exceptions to such denial.

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