A Comprehensive Examination of South Korea’s International Bribery Prevention Act 2022

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Summary:

The South Korean government has introduced the International Bribery Prevention Act in 2022 to combat corruption in international business transactions. The Act aims to promote fair competition, improve corporate governance, and enhance South Korea's global image. Key provisions include the definition of bribery, extraterritorial jurisdiction, and severe penalties for individuals and corporations found guilty. The Act has already seen action in a high-profile case, serving as a wake-up call to other companies to tighten their internal compliance mechanisms.