An Insider’s View on South Korea’s 2018 Act on the Prevention of Corruption

Summary

South Korea's 2018 Act on the Prevention of Corruption has introduced significant changes within organizations, focusing on heightened scrutiny, higher accountability, and enhanced reporting. Key updates include increased internal controls, intense compliance training, and whistleblower anonymity. However, challenges arise from adaptation struggles for older generations and the significant cost factor for smaller enterprises. As the Act continues to evolve, organizations will need to invest in technology, particularly advanced analytics and AI, to effectively combat corruption. Overall, this proactive approach aims to create a cleaner and more transparent business environment in South Korea.