The Improper Solicitation and Graft Act of Korea (“Graft Act”) was enacted on March of 2015 and came into effect in September of 2016. Korea’s Anti-Corruption and Civil Rights Commission published in English and Korea a decent Handbook to the Graft Act. The Handbook may be found at: Handbook to Korea’s Graft Act.
All companies doing business in Korea should understand compliance basics and have an understanding of the myriad of compliance rules. The Graft Act is, only, the tip of the iceberg. We shall be focusing on Korean compliance basics over the next couple of months on this blog. The Moon Administration and the Korean FTA have aggressively acted upon alleged malfeasance in Korean companies and this is a time to consider a compliance audit, redrafting of compliance policies and procedures and, potentially, your employment rules.
Please check back to the Korean Law Blog. We shall be writing over the next couple of weeks articles on:
- Scope of Application of the Improper Solicitation and Graft Act of Korea.
- Hypothetical Improper Solicitations in Korea under the Graft Act of Korea.
- Hypothetical Acceptance of Financial or other Advantages under the Graft Act of Korea.
- Disciplinary Actions/Punishments under the Improper Solicitation and Graft Act of Korea.
- Overview of the Kim Young-ran Act.
Sean’s profile may be found at: Sean C. Hayes
Known for his street-smart advice & proactive advocacy. Sean works with senior retired Korean judges and leading attorneys in contentious and transactional matters. First non-Korean lawyer (NY) to work at Korean Courts and one of the first non-Korean law professors. Rated a top lawyer in Korea by major rating agencies.
- Korea’s Improper Solicitation & Graft Act’s Institutions and Individuals?: Scope of Application of Korea’s Graft Act
- Korea’s Anti-corruption/Anti-Graft Law: Kim Young-ran Law Implementation in Korea
- Korea’s Medical Devices Act Amendment: Monetary and Monetary-Like Benefits to Healthcare Workers
- Tender Offers in Korea: Conditional Offers under Korea Capital Markets Act
- Foreign Account Tax Compliance Act (FACTA) in Korea
- U.S. Foreign Corrupt Practice Act Basics for Korean-based Business Enterprises