Business ethics is a relatively new topic of academic discussion in Latin America. Corruption and impunity came to be serious moral diseases in the region, probably as a result of a long period of dictatorship in most countries. Low ethical standards in the politics have had deep impact on individuals, organizations and economic systems. Excessive consumption, materialism and selfishness, in contrast with real poverty, have been responsible for a sloppiness in attitudes and principles in many Latin American countries. Even though the majority of the population belongs to the Roman Catholic Church, the lack of education has led people to a dichotomy: faith and business practices are often very distant from each other. Several isolated efforts have been done in order to enhance business ethics through education, publications and professional activities. The relationship business-academia has proved to be an excellent initiative for this objective, mainly in Mexico, Brazil and Peru.