From: "Kobre & Kim" To: "Jeffrey Epstein" <[email protected]> Subject: New Korean Anti-Corruption Legislation: Prohibition of Improper Solicitation and Receipt of Money or Goods Act Date: Mon, 04 May 2015 17:02:51 +0000 View this email online New York I London I Hong Kong I Washington DC I San Francisco I Miami I Cayman Islands I British Virgin Islands FORWARD SUBSCRIBE WEBSITE CONTACT DOWNLOAD New Korean Anti-Corruption Legislation: Prohibition of Improper Solicitation and Receipt of Money or Goods Act Read in Korean 2015 May 4 Korea has taken a major step forward in combating corruption with the recent passage of the Prohibition of Improper Solicitation and Receipt of Money or Goods Act. The new law has been dubbed the "Kim Yeong-Ran Act- after the former Supreme Court Justice who proposed it. Key features of the Kim Yeong-Ran Act include: • Imposing vicarious liability for corporations whose employees engage in corruption in the course of conducting the corporation's affairs. • Removing the requirement from the corruption crimes that the prosecution establish that the money or goods were conferred in exchange for a specific favor in relation to the official's duty. Unless certain narrow exceptions apply, giving more than KRW 1 million to a public official for any reason is a crime under the new law. • Expanding the definition of "public officials," to include those who may not be intuitively considered a public official—teachers at public and private schools, board members of a private school foundation, and journalists and employees of media companies. The Act also treats money or goods given to the spouses of a public official as the same as money or goods given directly to the public official. Kobre & Kim's Korean Disputes/Investigations Team Michael S. Kim Robin J. Balk S. Nathan Park tlit,!gt Jean Kim ?AP Practice Areas Government Enforcement Defense Investigations & Monitorships EFTA00634336 . Establishing that improper solicitation, under the law, need not be an offer to give money: it can be any request to the public official to break or circumvent the law, or overstep the official's formal authority. Because of Kim Yeong-Ran Act's broad sweep, its implementation is delayed for a year and a half, during which administrative regulations will provide further detail under the law. In the meantime, the Korean Bar Association has launched constitutional challenge and the Constitutional Court is moving forward with the hearing in the upcoming term. During this time, corporations operating in Korea are well-advised to stay updated of any developments of the new law, including the Constitutional law battle, understand its implications for specific industries and types of business activities, undertake a critical re-evaluation of its compliance and supervisory procedures against corruption, and take pre-emptive measures to identify and contain the risks. About Kobre & Kim's Korea Team: . 100% devoted to litigation, arbitration and investigations. . Led by a former U.S. Department of Justice prosecutor. . All team members are fluent in Korean and English. . Offices in New York, London, Hong Kong, Washington DC, San Francisco, Miami, Cayman Islands and British Virgin Islands. www.kobrekim.com Class & Derivative Actions Financial Products & Services Litigation Bankruptcy & Debtor- Creditor Disputes International Judgment Enforcement & Offshore Asset Recovery Intellectual Property Joint Venture & Partnership Disputes International Arbitrations Trusts & Estates Litigation Unsubscribe EFTA00634337