Corruption explained

What is corruption? 

Corruption is the abuse of entrusted power for private financial or non-financial gain. It diverts resources from their proper use, distorts competition and creates gross inefficiencies in both the public and private sectors. 

Corruption can occur in form of bribery, bribe solicitation or extortion. 

Bribery: 

is an offer or the receipt of any gift, loan, fee, reward or otheradvantage to or from any person as an inducement to do something which is dishonest or illegal. 

Bribe solicitation: 

is the act of asking or enticing another to commit bribery. 

Extortion: 

When bribe solicitation is accompanied by threats it becomes extortion. 

As a method of self-regulation for voluntary application by enterprises, the ICC published the " ICC rules of conduct".