|Principle 10||Businesses should work against all forms of corruption, including extortion and bribery.|
On 24 June 2004, during the UN Global Compact Leaders Summit, the UN Global Compact adopted a tenth principle against corruption. This was implemented after extensive consultations and all participants yielded overwhelming expressions of support, sending a strong worldwide signal that the private sector shares responsibility for the challenges of eliminating corruption. It also demonstrated a new willingness in the business community to play its part in the fight against corruption.
It is now clear that corruption has played a major part in undermining the world’s social, economic and environmental development. Resources have been diverted to improper use and the quality of services and materials used for development seriously compromised.
The long-term sustainability of business depends on free and fair competition. Corrupt practices also accompany and facilitate drug dealing and organised crime. Money laundering and illicit international money transfers are used as support mechanisms for international terrorism. Global businesses have to be constantly vigilant to avoid being associated with these major international challenges.