Korea must enhance detection and reinforce sanctions to boost foreign bribery enforcement

Seoul 2019

This is the scenery of Seoul, capital of South Korea (Unsplash, 2018)

This article is brought to you in association with OECD.


Korea must step up enforcement of its foreign bribery laws and strengthen the capacities of law enforcement agencies to proactively detect and investigate the offence, according to a new report by the OECD Working Group on Bribery.

Enforcement of foreign bribery has weakened since 2011 and the enforcement rate does not correspond to the significant level of exports and outward investment by Korean companies in countries and sectors at high risk for corruption. Korea needs to address key elements of its legislative framework, in particular a longstanding recommendation to increase the level of sanctions for foreign bribery, notably for companies, and ensure that application of its foreign bribery law is not subject to a restrictive interpretation by its law enforcement and judiciary. Korea must also be more proactive in using international cooperation in foreign bribery cases.
The 44-country OECD Working Group on Bribery has just completed its Phase 4 evaluation of Korea’s implementation of the Convention on Combating Bribery of Foreign Public Officials and related instruments.
The Group further recommends that Korea:

  • Improve coordination, information-sharing and cooperation in foreign bribery investigations within and between prosecutorial and police agencies
  • Vigorously enforce related offences of false accounting and money laundering predicated on foreign bribery
    • Ensure the current investigation time limit and the timeframe for prosecuting companies for foreign bribery are sufficient to allow for effective foreign bribery enforcement
    • Enhance its detection capacities by mobilising government agencies and private sector professionals with particular potential for detecting foreign bribery

The report also notes positive aspects of Korea’s anti-bribery framework, notably the recent passing of legislation to close the loophole concerning bribes paid to third party beneficiaries, and its comprehensive legal and institutional framework for whistleblower reporting and protection. This is an example of good practice among the member countries of the Group in this area, and constitutes a potentially strong asset for detecting foreign bribery. Korea’s positive response to foreign counterparts in transnational bribery cases is another encouraging feature: Korea has responded efficiently to intenational cooperation requests by foreign countries, and investigated foreign bribery reports referred to it by foreign authorities.
Korea’s Phase 4 report was adopted by the OECD Working Group on Bribery on 13 December 2018. The report, available at www.oecd.org/corruption/anti-bribery/OECD-Korea-Phase-4-Report-ENG.pdf, lists the recommendations the Working Group made to Korea on pages 70-75, and includes an overview of recent enforcement activity and specific legal, policy, and institutional features of Korea’s framework for fighting foreign bribery. Korea will submit an oral report to the Working Group in December 2019 on progress made to increase foreign bribery sanctions, in particular for legal persons, and a written report within two years (December 2020) on its implementation of all recommendations and its enforcement efforts. This report will also be made publicly available.
The report is part of the OECD Working Group on Bribery’s fourth phase of monitoring, launched in 2016. Phase 4 looks at the evaluated country’s particular challenges and positive achievements. It also explores issues such as detection, enforcement, corporate liability, and international cooperation, as well as covering unresolved issues from prior reports.

Advertising

Advertising

Advertising

Advertising

Advertising

the European Sting Milestones

Featured Stings

Stopping antimicrobial resistance would cost just USD 2 per person a year

Charlie’s tragedy energized deeper feelings amongst Europeans; back to basics?

Changing for the change: Medicine in Industry 4.0

The unique role of business in building social good

UN forum spotlights cities, where struggle for sustainability ‘will be won or lost’

Why is Merkel’s Germany so liberal with the refugees? Did the last elections change that?

Apparently the EU Digital Single Market passes necessarily from China’s Digital Silk Road

Further reforms will promote a more inclusive and resilient Indonesian economy

More bank bailouts at taxpayers’ expenses

Paris is building the world’s greenest business district. What can other cities learn from it?

Financial Transaction Tax: More money for future bank bailouts?

FROM THE FIELD: Finding refuge in the ‘beautiful game’

India is a latecomer to AI. Here’s how it plans to catch up

An FTA between EU-US to hurt South Korea

A European Discovers China: 3 First Impressions

Sudzha gas metering station at Russian-Ukrainian border (Copyright: Gazprom, 2015 / Gazprom’s website, Media)

Gazprom starts suspending gas contracts with Ukraine as Brussels fears limited transit to Europe

EU Leaders’ meeting in Sofia: Completing a trusted Digital Single Market for the benefit of all

The banks first to benefit from the new euro trillion ECB plans to print

EU Youth Conference in Riga concludes with recommendations for ministers

Deal on faster exchange of non-EU nationals’ criminal records

Poverty data never tells the whole story

UN expert ‘shocked’ by Egyptian reprisals against human rights defenders she met

Open, inclusive and diverse cities are better for business and economic growth

ILO warns of widespread insecurity in the global labour market

Conflicts and extreme climate change threatens access to food in 39 countries – UN agriculture report

At last a good price for the Greek debt!

New skills agenda for Europe needs real investment

COP21 Breaking News_03 December: Transport Industry Drive for Improved Energy Efficiency and Electro-Mobility to Stem High Growth of Emissions

Amending Guatemala ‘reconciliation law’ would lead to unjust amnesty, warns Bachelet

Climate change and its adverse impacts on health

Ercom, cutting-edge Telco solutions from Europe

European Confederation of Junior Enterprises hosts in Geneva the Junior Enterprise World Conference

African cities will double in population by 2050. Here are 4 ways to make sure they thrive

Consumers suffer three defeats

The Junior Enterprise concept: Business & Education

Trump rejects Europe’s offer for zero car tariffs; he had personally tabled that idea in July

The time is up but the game is still not over for Greece: negotiations continue in anticipation of a new deal

UN chief condemns killing of ‘blue helmets’ in DR Congo, as violence erupts prior to elections

Guatemala Dos Erres massacre conviction welcomed by UN human rights office

Four major resources for new European young entrepreneurs

Capital Markets Union: Making it easier for smaller businesses to get financing through capital markets

Financiers can turn the world into a dirty and dangerous place

Parliament approves €500 million for schooling of refugee children in Turkey

Businesses can lead a revolution in disability inclusion

Stricter rules and tougher sanctions for market manipulation and financial fraud

EU readies for eventual annulment of the Turkish agreement on immigrants-refugees

YouTube stars get creative at UN, to promote tolerance

International World Summit Award calls for outstanding digital applications with impact on society from 178 UN member states

The Future of Balkans: Embracing Education

European Business Summit 2014: The role of youth entrepreneurship education in EU’s Strategy for Competitiveness

UN chief condemns student abductions in north-west Cameroon

Autonomous vehicles could clog city centres: a lesson from Boston

EU responds to terror fallout by eroding borderless Europe and molesting the refugees

Germany and Europe prepare for Trump’s America

In Washington D.C., Guterres signs pact with World Bank, meets US President Trump

A new proposal breaks the stalemate over the Banking Union

‘Favour dialogue’ over violence, UN chief urges all parties following clashes in Mali’s capital

India’s economy is growing fast, but its poorest areas lag behind. Here’s why this could be about to change

These countries have the highest minimum wages

EU summit: Are the London Tories planning an exit from the EU?

UN rights chief calls for international inquiry into Kashmir violations

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s