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.

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. 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.

The ICC Rules on Combating Corruption provide a global standard for the private sector and respond directly to the G20s call to the private sector and to UNCACs requirement that business steps up its efforts to fight against corruption.

ICC was the first organization representing world business to issue anti-corruption rules. The first edition, launched in 1977, laid the cornerstone for ICCs pioneer role of championing business self-regulation to combat corruption.

General enough to be used by businesses as a method of self-regulation against the backdrop of applicable national laws and international conventions, the revised rules comprise three parts: a first part consisting of substantive rules on key points (including definitions of bribery and solicitation and how to deal with third parties), a second part on corporate policies to support compliance on points including political contributions, gifts and hospitality, and facilitation payments; and a third part outlining key elements for an efficient corporate compliance programme.

The ICC rules promote awareness of the need to confront private-to-private corruption (corruption between private entities), as this form of bribery also distorts competition. The timely release of the revised rules ahead of B20 and G20 meetings, scheduled to take place in Cannes, France in November, aims to address the undermining effects of corruption on international trade and the rule of law.

Produced by the ICC Commission on Corporate Responsibility and Anti-Corruption, the rules are available as part of a suite of pragmatic ICC tools to help business drive integrity in business transactions. The commission continues to develop such tools that provide guidance on a range of related issues including gifts and hospitality, and solicitation in public procurement.