SOUTH KOREA Law and Practice Contributed by: Soo Bong Jung, Jinwook Song, Jinwon Choi and Jiyoung Sohn, Bae, Kim & Lee LLC
Focus on Financial and Fair Trade Crimes The Financial Supervisory Service (FSS) and the Fair Trade Commission (FTC) are expected to continue their rigorous enforcement efforts. A focus on unfair trading practices, price manipulation, and large-scale financial fraud is anticipated. Developments in this area will be closely tied to the government’s anti- corruption agenda and its efforts to ensure market integrity.
focus will likely shift from just apprehending offend - ers to a more comprehensive approach that includes freezing illicit proceeds and protecting investors. Pros - ecutors are expected to leverage new technologies to track complex blockchain transactions and combat offences such as market manipulation, insider trading and fraudulent schemes. Enhanced Scrutiny of ESG-Related Corporate Misconduct While there is no single law in Korea specifically governing ESG-related crimes, regulatory bodies are expected to increase their scrutiny of corporate misconduct under existing statutes. This includes investigating potential violations of environmental laws (eg, pollution), labour laws (eg, human rights abuses in supply chains), and corporate governance laws (eg, accounting fraud, embezzlement). As glob - al ESG standards become more formalised, Korean authorities will likely align their enforcement priorities to address these areas, potentially leading to a rise in cross-border investigations.
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