Private Businesses and Their Role in the Anti-Corruption Fight
The United Nations has ten principles in regards to the terms of anti-corruption. The tenth principle was added in 2004, when following a UN Summit of global leaders, it was decided that the realm of fighting corruption is one in which the private sector and private companies of the world must be involved. This addresses the fact that their are many challenges in this fight, and the cooperation of as many organizations is necessary. This also speaks volumes to the willingness that international companies have shown regarding this global issue. This tenth principle states that businesses are now required to report on all forms of corruption, including bribery and extortion.
Even as many advances have been made over the last ten years in the fight against extortion, money laundering and the financing of terrorist activities, there is an even greater need to continue diligence, as corruption remains to be one of the greatest challenges in the countries of the wold. The impact corrupt practices has on the poor societies is immense, and the very fabric and knit of a community is threaten when these types of criminal activities are occurring. The development of sustainable societies and cultures is hindered when the risks are not taken seriously and handle with rapid efficiency.
And when a community is affected, so too are the local businesses. Competition gets skewed, financial growth diminishes, and the reputation of a region as seen throughout the eyes of the world will falter. Not only do all these aspects destroy businesses, but the very act of crimes of bribery and extortion are an expensive monthly expense. Bribery alone, is now a one trillion dollar industry in and of itself. Companies throughout the world are realizing that in order to protect their shareholder’s interests and protect their personal reputations, they must join in this effort. Many internal operations are now including the concepts of integrity and ethics, as part of the business day.
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