Corruption is not a peripheral social concern that corporations can ignore or passively address -- it is a bottom-line issue that directly affects companies' ability to compete. Widespread in emerging markets, corruption is becoming an increasingly important issue for business to address. Furthermore, it inflicts enduring harm on disadvantaged populations by diverting resources for critical services like education, clean water and health care into the pockets of dishonest public officials. This white paper presents a critical assessment of corporate anti-corruption efforts in the developing world and offers a guide for corporations to move beyond traditional ethics and compliance activities to strategic anti-corruption efforts. Sponsored by The Merck Company Foundation and developed in collaboration with the Ethics Resource Center, the paper reveals opportunities for corporations to engage in more comprehensive and effective anti-corruption reform as a business imperative.