SOUTH KOREA Law and Practice Contributed by: Jeena Kim, Kyunghwan Lee, Eunyoung Row and Bochan Kim, Bae, Kim & Lee LLC
9.2 Likely Changes to the Applicable Legislation of the Enforcement Body As explained in the foregoing sections, there have been recent developments to enhance con - trol over bribery and corrupt activities, including: • amendments to the ACRC Act and strength - ening of the functions of the ACRC; • the enactment and amendment of the Graft Act (see 1.4 Recent Key Amendments to National Legislation ); and • the establishment of the Corruption Investiga - tion Office (see 7.2 Enforcement Bodies ). Given that these changes are currently being implemented and put into practice, there are no specific discussions regarding the reform or development of bribery and anti-corruption laws.
ing the statute of limitations for legal persons, legislation and enforcement on false accounting offences and its anti-money laundering report - ing framework. The Working Group also stressed that Korea needs to substantially increase its for - eign bribery enforcement efforts. At the time of the Phase 4 review, the Working Group noted with concern the decline in Korea’s foreign brib - ery enforcement, with only two ongoing investi - gations and one trial. Two and a half years later, the Working Group observed limited progress. Overall, it was understood that Korea must intensify its enforcement efforts, ensure cases progress to formal investigation and implement sanctions that are effective, proportionate and dissuasive.
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