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
- Korea’s Improper Solicitation & Graft Act?: Scope of Application
- Korea’s Anti-corruption/Anti-Graft Law: Kim Young-ran Law Implementation in Korea
- Korean Data Privacy Act: Need for Compliance Audit for your Korean Company
- The Korean Corporate Restructuring Promotion Act of 2018: Korean Insolvency Law Updates
- Piercing the Corporate Veil in Korea: Suing Shareholders of a Corporation
- Amendment to Korea’s Occupational Safety and Health Act in 2019
- New Provisions regarding the Korean Act on Reporting and Using Specified Financial Transaction Information
- Korean Independent Contractor Risks: Korean Labor Standards Act Basics
- The Amendment to the Korean Pharmaceutical Affairs Act 2019
- Korean Compliance Checklist for your Business in Korea