Korea Amends the Act on the Employment, etc. of Foreign Workers in 2019: Employment Law Updates

Amendment to the Act of the Employment, etc. of Foreign Workers in Korea (hereinafter as “Amendment to the Act of the Employment of Foreign Workers” of Korea) was proposed by the Korean Environment and Labor Committee in December 2018. The focus of the Amendment of the Employment of Foreign Workers is on the improvement of the living conditions of foreign workers at dormitories provided by their companies. Major Changes Due to the Amendment and the Struggles on the Way Addition of Criteria for the Dormitories to the Requirements to Obtain Permission for Hiring Foreign Workers in Korea? The original bill contained the regulation in Art 8 (3) Act of the Employment of Foreign Workers that the criteria for dormitories shall be added to the requirements that employers in Korea must meet in order to receive permission to hire foreign workers, if they – in general – provide dormitories to foreign

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The Amendment to the Korean Pharmaceutical Affairs Act 2019

The Korean Pharmaceutical Affairs Act (hereinafter as “Pharma-Act”) was proposed by the Chair of the Health and Welfare Committee of Korea on December 27, 2018. The Pharma Act shall adds more cumbersome regulations on the foreign qualifications of pharmacists, increases the limits of penalty surcharges and shall change the system to transfer a Korean pharmacy businesses. This Amendment shall become effective in July 2019. The major amendments are detailed below. Key Highlights of the Korean Amendment to the Pharmaceutical Affairs Act Criteria for the Qualification for the Korean Pharmacist Exam regarding Pharmacists Who Graduated from Foreign Colleges The current Art 3 Pharma-Act, as part of Section 1 – Qualifications and Licenses of Pharmacists states that a person, which wants to become a pharmacist “…shall obtain a license from the Minister of Health and Welfare.” A license shall be granted if an individual has a bachelor’s degree from a national institution

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New Provisions regarding the Korean Act on Reporting and Using Specified Financial Transaction Information

The Amendment to the Act on Reporting and Using Specified Financial Transaction Information of Korea (hereinafter as “Amended Financial Transaction Information Act of Korea”) focuses on strengthening Korean legal provisions related to money laundering as well as implementing a “global standard” proposed by the Financial Action Task Force on Money Laundering. The Amended Financial Transaction Information Act of Korea shall enter into force on July 1, 2019. Major provisions of the Korean Act on Financial Transaction Information The purpose of the Act on Reporting and Using Specified Financial Transaction Information is to “…provide for matters concerning reporting on and use of specified financial transaction information necessary to regulate money laundering and financing of terrorism through financial transactions, such as foreign exchange transactions, thereby contributing to preventing crimes and further establishing a sound and transparent financial system.” (Art 1). The major provisions of the prior Act are: Transactions of expected illegal

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Korea’s Improper Solicitation and Graft Act: Kim Young-ran Act

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

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