Rimon’s Jill Williamson discusses South Korea’s new anti-graft law in Thomson Reuters article
Insight February 15, 2017
Corporate and International Trade Counsel Jill M. Williamson was extensively quoted in an Inside Thomson Reuters article, "South Korea's new anti-graft law brings both compliance benefits and burdens," on February 6, 2016.
When discussing the recent South Korean anti-corruption statute, Williamson said, "In many ways, this new law should simplify the work for compliance officers and lawyers, especially [at] multinational institutions. Before this law was passed, multinationals struggled to implement standard gifts and entertainment policies that were both consistent with global standards and common practice in South Korea.”
Ms. Williamson, a former Deputy Chief Compliance Officer at Cigna, where she dealt with Korea-specific issues, added that the prior state of the law created grey areas and made it difficult for firms to draft legally sound compliance policies without putting themselves at a competitive disadvantage. She added, "the country's intense "gift culture" created compliance risks for companies required to comply with stricter anti-corruption regimes, such as the U.S. Foreign Corrupt Practices Act 1977 (FCPA) and the newer UK Bribery Act 2010."
Full article here