Responding to the G20s call on business to stamp out corruption, the International Chamber of Commerce (ICC) has launched the “ICC Rules on Combating Corruption”.

The new ICC rules delineate measures companies should take to prevent corruption, including strong measures to end bribery and extortion, said a statement issued yesterday.

ICC pointed out that G20 efforts to stabilise the economy and stimulate economic growth, trade and employment must address the drain on the economy caused by corruption.

The World Bank has estimated that corruption reduced annual economic growth by up to 1 percent, while the IMF reports that investment in corrupt countries is reduced by at least 5 percent 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.

The action plan also asks businesses to strengthen corporate efforts in fighting corruption, according to the statement.