The International Chamber of Commerce (ICC) has launched the ICC Rules on Combating Corruption in response to the G20’s call on business to stamp out corruption. The new ICC rules delineate measures companies should take to prevent corruption, including strong measures to end bribery and extortion.
ICC pointed out that G20 efforts to stabilize the economy and stimulate economic growth, trade and employment must address the drain on the economy caused by corruption. ICC Secretary General Jean-Guy Carrier said: “Corruption is a real threat to the integrity of markets, especially at a time when confidence and stability are most needed. Stamping out corruption will stimulate job creation, boost business confidence and open doors for emerging markets to attract foreign direct investment.”
The World Bank has estimated that corruption reduced annual economic growth by up to 1%, while the IMF reports that investment in corrupt countries is reduced by at least 5% when compared to countries that are relatively corruption-free.
The G20 has pledged to ‘lead by example’ through its Anti-Corruption Action Plan, which calls for ratification of the United Nations Convention against Corruption (UNCAC) and adoption of other laws aimed at thwarting bribery and corrupt practices, and also asks business to strengthen corporate efforts in fighting corruption. ICC has urged G20 leaders to ratify and implement UNCAC and encourages work with non-G20 states toward its universal adoption and implementation.
Read more on ICC’s website.