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Operation of the Bribery Act 2010 and Provision of Korean corporations

  • DONG-A LAW REVIEW
  • 2011, (53), pp.495-518
  • Publisher : The Institute for Legal Studies Dong-A University
  • Research Area : Social Science > Law

Gyeongseok Kim 1

1중앙대학교

Accredited

ABSTRACT

In the United Kingdom, the Bribery Act 2010 came into existence in April 2010 and has been in effective as of on July 1^st 2011. The Bribery Act 2010 includes not only companies established in the UK but also foreign companies that conduct the business there and so it will be applied to Korean corporations. Therefore, they will be under the effect of the Bribery Act and need to make provisions for it. Here is the list of four provisions. First, companies should perceive how much bribery-related risks could arise and modify the procedure of provisions. Second, the modification of the procedure should be followed by the active involvement of a CEO and the persistent education to the employees. Third, constant monitoring is required to ensure the compliance particularly as to businesses between a parent company and a subsidiary company abroad or overseas branches. Last, companies should direct a close attention to managing business agents as well as their employees. In conclusion, these provisions mean the installment of an appropriate internal control system. Many countries including such as US, UK and Japan have the internal control system as regulations in the commercial law or corporative law to reduce the risk in business and prevent the corruption of companies. However, that’s not the case in Korea. Therefore, it should be considered that the internal control system is imposed as regulations of the commercial law in Korea.

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