SOUTH KOREA Law and Practice Contributed by: Jeena Kim, Kyunghwan Lee, Eunyoung Row and Bochan Kim, Bae, Kim & Lee LLC
1. Legal Framework 1.1 International Conventions
• the Combating Bribery of Foreign Public Offi - cials in International Business Transactions Act (FBPA); and • the Improper Solicitation and Graft Act (the “Graft Act”), commonly also known as the “Kim Young-ran Act”. Moreover, certain industries have sector-specific regulations that allow the exchange of benefits under specified conditions. These include: • the pharmaceutical and healthcare sectors (regulated by the Pharmaceutical Affairs Act and the Medical Devices Act); • insurance (under the Insurance Business Act); • financial investments (governed by the Finan - cial Investment Services and Capital Markets Act); and • defence (regulated by the Code of Conduct of the Defense Acquisition Program Administra - tion). 1.3 Guidelines for the Interpretation and Enforcement of National Legislation To clarify the permissible and prohibited actions under the Graft Act, the Anti-Corruption and Civil Rights Commission (ACRC) website regularly publishes and updates resources, such as Graft Act commentary, significant rulings and deci - sions related to the Act, manuals and adminis - trative rulings. 1.4 Recent Key Amendments to National Legislation Amendment to the Enforcement Decree of the Graft Act (Amended on and Effective as of 27 August 2024) The Enforcement Decree of the Graft Act was amended to increase the maximum amount expendable for public officials for a meal from KRW30,000 to KRW50,000. The increase was to reflect the changed socio-economic conditions,
South Korea has signed up to the following: • the United Nations Convention against Cor - ruption (the “UN Anti-Corruption Conven - tion”); • the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (the “OECD Anti-Brib - ery Convention”); and • as a member of the Financial Action Task Force. 1.2 National Legislation In South Korea, bribery and corruption are governed by criminal law. The Criminal Code establishes the primary framework for address - ing these offences, encompassing both public officials and private individuals. The Act on the Aggravated Punishment of Spe - cific Crimes (the “Specific Crimes Act”) and the Act on the Aggravated Punishment of Specif - ic Economic Crimes (the “Specific Economic Crimes Act”) also address matters relating to bribery and corruption. The Criminal Procedure Act defines the processes for investigating and prosecuting such cases. Specific laws targeting bribery and corruption include: • the Code of Conduct for Public Officials of Korea (CoC); • the Act on the Prevention of Corruption and the Establishment and Management of the Anti-Corruption and Civil Rights Commission (the “ACRC Act”);
376 CHAMBERS.COM
Powered by FlippingBook