Corruption in the private sector may involve fraud, bribery, embezzlement and other forms of unethical or illegal conduct that harm the public interest or distort fair competition. These corrupt acts undermine economic development, market competition, consumer welfare and equitable opportunities. Corruption in the private sector also constitutes a business risk and can lead to significant costs at the organizational level, including legal sanctions, fines, termination of business relationships, debarment, damage to a company's brand and reputation and lower levels of employee satisfaction and retention.

Business integrity means that businesses should act ethically and responsibly and prevent and counter corruption and fraud. Business integrity entails applying ethical principles and values to business activities and transactions, such as transparency, accountability, honesty and compliance with laws and regulations. Business integrity can help prevent and counter corruption in the private sector, as well as enhance the reputation, performance and sustainability of businesses. It can bring businesses tangible advantages, such as enhanced access to market opportunities and incentives, higher reputation and customer loyalty and attracting and retaining talented employees. Clean business and fair competition provide an environment conducive to innovation, which is good for both the business and its customers and therefore benefits society as a whole.

Corruption poses significant risks to businesses, but businesses also have the power to stop it. Therefore, it is important for the private sector to adopt anti-corruption measures and foster business integrity. Some examples of such measures are codes of conduct, compliance programmes, reporting and whistle-blowing protection mechanisms and collective action initiatives.

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