International Chamber of Commerce(ICC) Unveils Updated Rules to Combat Corruption in Business Operations

The ICC (International Chamber of Commerce) has introduced new rules in 2023 to tackle corruption within businesses. These rules focus on better reporting mechanisms to uncover wrongdoing, managing relationships with third parties, and promoting responsible business behavior. ICC Chair Maria Fernanda Garza launched these rules at a UN conference aimed at enhancing the implementation of anti-corruption measures.

1.Changes in ICC's New Rules on Fighting Corruption

The ICC (International Chamber of Commerce) launched updated rules in 2023 to prevent corruption. They now focus more on reporting mechanisms to uncover wrongdoing and managing third parties, which can be weak links in supply chains. Additionally, these rules emphasize promoting responsible business behavior.

2. New Highlights of ICC's 2023 Rules on Combating Corruption: 

ICC introduced updated guidelines to help companies manage integrity risks across global operations. These rules were launched by ICC Chair Maria Fernanda Garza during a UN conference discussing how to better enforce anti-corruption laws.

3. Steps Taken to Strengthen ICC's Rules Against Corruption:

The updated ICC rules aim to improve reporting methods that expose and discourage corrupt behavior. They also concentrate on better management of third-party relationships and advocate for responsible business practices to contribute positively to sustainable development.

4. Actions Businesses Should Take to Fight Corruption:

Companies need clear rules forbidding corrupt activities like bribery, extortion, and money laundering. They should establish compliance programs that assess risks specific to their business and offer guidance on various ethical matters.

5. ICC's Role in Combating Corruption Globally:

The ICC has been a pioneer in setting anti-corruption guidelines for businesses since 1977. They stress the importance of corruption-free practices for fair competition and advocate for responsible behavior among businesses worldwide.