Deloitte Anjin LLC (Deloitte Anjin) and Bae, Kim & Lee LLC (BKL) entered into a memorandum of understanding (MOU) for “Anti-Corruption Compliance Total Service” on July 27 in preparation for the enforcement of the Act on the Prevention of Illegal Solicitation (also known as “Kim Young-ran Law”) at Deloitte Anjin’s headquarter in Yeouido, Seoul.

The MOU reflects the current social atmosphere that highlights the need for businesses to adjust ways of handling external relations and affairs in order to comply with the changing regulatory environment and prevent violations of the Act on the Prevention of Illegal Solicitation, which is due to take effect on September 28 this year. Further, the U.S. Department of Justice and the Securities and Exchange Commission are expanding their investigation into U.S.-related companies accused of corruption based on the Foreign Corrupt Practices Act (FCPA), which is considered as the leading legislative standard in the global fight against bribery. If convicted, the authorities can impose enormous penalties not only on corporations but also on individuals.

Although the Act on the Prevention of Illegal Solicitation also stipulates that companies should be penalized when executives violate the law, they can be exempt from punishment if they have given considerable caution and supervision. BKL and Deloitte Anjin will provide a sophisticated anti-corruption compliance service to substantiate that companies have fulfilled their obligation to “give considerable caution and supervision,” by examining guidelines related to exemption of joint penal provisions in countries such as the U.K. and the U.S. and conducting research on previous cases.

As BKL is well-versed in interpretation and application of laws and establishment of guidelines while Deloitte Anjin is skilled at developing anti-corruption management systems and total monitoring systems, the two companies, as partners, aim to offer an “Anti-Corruption Compliance Total Service,” which enables businesses to apply solutions, guidelines and systems suitable to their level of compliance and needs.

Early this year, BKL formed a Compliance Team comprised of approximately 20 key experts in diverse areas, including corporate, finance, legislative consulting, white collar crime, tax, labor, fair trade and construction, to deliver constructive advice on Act on the Prevention of Illegal Solicitation and the FCPA. The team assists companies with internal controls, diagnosis of financial management systems, code of conduct and individual matters.

Deloitte Anjin’s Anti-Bribery Anti-Corruption (ABAC) Advisory Team under Financial Advisory Service has advised multinational and domestic corporations on anti-corruption compliance issues for many years, and it recently signed an MOU with the British Standards Institution (BSI) Group Korea, a U.K.-based certification body, on Anti-Bribery Management System (ABMS), to actively seek ways to deal with anti-corruption compliance.

BKL (managing partner Lee In-jae, left) and Deloitte Anjin’s Financial Advisory Service (director Hong Jong-sung, right) entered into an MOU for “Anti-Corruption Compliance Total Service” on July 27. The two companies will provide a sophisticated anti-corruption compliance service tailored to corporate clients.

Founded in 1980, Bae, Kim & Lee LLC is one of the leading law firms in Korea and in Asia with over 500 professionals and supporting specialists. As the first Korean law firm to set up offices in China and the UAE, BKL maintains seven overseas offices in Beijing, Shanghai, Dubai, Hong Kong, Hanoi, Ho Chi Minh City and Yangon. With over 20 practice groups specialized in virtually every area of interest for business clients, including corporate, M&A, securities and financial services, international arbitration, tax, litigation and intellectual property, BKL is the second largest law firm in Korea by size and revenue. BKL established the Pro Bono Committee in 2002 for the first time among Korean law firms and has devoted itself to fulfilling its corporate social responsibilities since its inception. BKL received the Best CSR Practices Award at the 1st Korea Bar Association Awards and the Human Rights Award of Korea by the National Human rights Commission in 2014, and was named among ALB CSR List 2016. Please visit www.bkl.co.kr for more information.