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The International Cricket Council on Thursday introduced anti-racism and anti-corruption codes in its revised Code of Conduct to maintain and promote "fair play and multiculturalism".
The new codes were put in place after a "comprehensive consultation and review process with all stakeholders", the ICC said in a statement.
"These codes help to copper-fasten the unique spirit of cricket by effectively laying out what behaviour is acceptable and what is not, not just by players but by everyone involved in the game," said ICC Chief Executive Haroon Lorgat.
"These codes are practical, workable and user-friendly while also acting as genuine deterrents to anyone who seeks to undermine the integrity of cricket. With their implementation we are helping to protect the game for future generations to enjoy," he added.
Racism in cricket had become a burning issue during India's tour of Australia last year, when Harbhajan Singh and Andrew Symonds were embroiled in an ugly showdown.
Symonds had accused Harbhajan of racially abusing him, a charge that was dropped after a hearing but the episode created a furore in both the countries.
The ICC said the stand-alone code has been put in place to prevent any racial spats arising out of language or cultural differences.
"It is felt that alleged issues of racism across the wide range of cultures that make up cricket's group of stakeholders may arise out of confusion, misunderstanding, ignorance or language and translation barriers," the statement read.
"In those cases, provided both parties agree, it is felt that the best way to resolve these issues is through a non-adversarial process such as a conciliation with an expert in the field. If that fails to resolve the matter satisfactorily for all parties, then a disciplinary process would be initiated and tough sanctions could be applied," it added.
The anti-corruption code, meanwhile, seeks to further empower the ICC's Anti-Corruption and Security Unit (ACSU).
"It provides important support to the activities of the ICC's Anti-Corruption and Security Unit (ACSU) by requiring players to report approaches or invitations to act in a corrupt manner and to co-operate fully with investigations being carried out by the ACSU," the governing body said.
"The code sets out a detailed charging and hearing process which preserves the players' right to a fair and impartial hearing before a specifically convened tribunal and a final appeal right to the Court of Arbitration for Sport in Lausanne, Switzerland," it added.
"Players who are found guilty of such offences can expect to serve long suspension periods and face hefty fines."