Compliance
Compliance Corner: OECD, South Korea

The latest compliance issues in wealth management across Asia-Pacific.
A club of industrialised nations has warned South Korea to
enforce its foreign bribery laws more rigorously, warning that
enforcement has weakened since 2011.
The Paris-based
Organisation for Economic Co-operation said that the
enforcement rate since 2011 does not match the “significant”
level of exports and outward investment by South Korean companies
in countries and sectors where there is a high corruption
risk.
“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,” the group said.
The 44-country OECD Working Group on Bribery recently finished
its Phase 4 evaluation of Korea's implementation of the
Convention on Combating Bribery of Foreign Public Officials and
related instruments.