ABSTRACT
This chapter focuses on the private sectors potential role in fighting international bribery. It examines the private corporations, multilateral development banks (MDBs), and non-governmental organizations (NGOs). The World Bank estimates the global cost of corruption at one trillion dollars per year. In a sense, it is not mere coincidence that the Council of Europe (COE) and Organization on Economic Cooperation and Development (OECD) are the first international organizations to aggressively address the issue of international bribery with serious consequences for the wrongdoers. While international bribes are a subset of corruption, they represent a transnational issue that nations, international organizations, and corporate entities must address together beyond the borders of their home countries. The private sector has recognized the need to undertake their own initiatives such as: the Caux Business Roundtable, the Extractive Industries Transparency Initiative (EITI), and the drafting of the banking industry's Wolfsberg Principles.
