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    International business corruption: ways to stop it

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    What are some of the ways to stop international corruption in business? What are the organizations that help stop it?

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    What are some of the ways to stop international corruption in business? What are the organizations that help stop it?

    Organisation for Economic Co-operation and Development
    The OECD fights bribery in international business to strengthen development, reduce poverty and bolster confidence in markets. The keys to its success are the OECD Anti-Bribery Convention, country reports on compliance and regional actions. Corruption is no longer business as usual.

    Other important anti-bribery initiatives have been launched by the World Bank, the International Monetary Fund, the European Union, the Council of Europe, the Organization of American States, the Pacific Basin Economic Council, the Global Coalition for Africa and the United Nations. Thus, much of what was proposed by ICC's 1996 "Recommendations to Governments and International Organizations" is now under way. However, much remains to be done.

    Additional efforts are required to deal more effectively with the demand side of corruption: extortion by foreign public officials. To that end, national governments must strengthen their enforcement of laws prohibiting the solicitation and receipt of bribes, as well as the payment of bribes. ICC also renews its 1996 recommendation that the WTO take an active role, because bribery and extortion are clearly important factors distorting international trade.

    Another area demanding additional attention is bribery within the private sector. The ICC Rules of Conduct clearly prohibit such bribery, as well as bribery of public officials. The OECD Convention focuses exclusively on bribery of public officials. In view of the large role played by the private sector in the global economy and the continuing privatization of governmental enterprises and activities, the time has come to make sure that effective measures are taken to control corruption within the private sector. This is an issue to which the ICC Standing Committee on Extortion and Bribery will devote substantial effort. The Council of Europe and the European Union have also recognized the need to address private sector corruption.

    Today, the importance of effectively combating extortion and bribery is greater than ever. In the early 1990s, scandals involving extortion and bribery were a significant factor in toppling governments in many parts of the world. This situation, if allowed to continue, could undermine the most promising development of the post Cold-war era, i.e., the spread of democratic governments and of market economies worldwide. It is all the more unacceptable in view of the liberalization of world trade in goods and services achieved through the Uruguay Round: freer trade must be matched by fair competition, failing which trading relations will be increasingly strained to the common detriment of governments and enterprises. In addition to being a crime, offering or giving bribes may constitute acts of unfair competition, which could give rise to actions for damages.

    Against this background, ICC, as the leading world business ...

    Solution Summary

    In a 1707 word cited response, the subject of international corruption in business is thoroughly explored.