The aim of this article is to present the idea of the first Center for Business Ethics in Slovakia and to justify its necessity within the context of the current Slovak socioeconomic environment. We argue that to wipe out corruption, fraud and other types of corporate misconduct, it is important to consider two essentials of the long-term systematic development of business ethics. First, the systematic business ethics education of prospective managers, and second, the establishment of complex institutions whose main role is to provide the business with continuous professional assistance in applying business ethics, creating ethical infrastructure, continuous managerial ethical training, solving ethical issues at workplace, as well as helping with ethics monitoring and consultancy in companies.