Registrations, declarations and reports under the FETA
Our practice handles various registrations, declarations and reports required under the FETA, including registration as a foreign exchange agency to engage in the foreign exchange business or foreign exchange declaration for set-offs, third party payments or capital transactions. In particular, we work closely with competent authorities for successful completion of declarations for novel transactions having few precedents and registrations or declarations with short deadlines due to certain circumstances.
Response to FX-related inspections and investigations by regulatory authorities
Our practice assists clients in responding to inspections or investigations by the Financial Supervisory Service, the National Tax Service or the Korea Customs Service on whether a party to a foreign exchange transaction is in violation of the relevant foreign exchange transaction laws. To help our clients successfully respond to and resolve inspections or investigations from the onset, our practice deploys experts that have experience in conducting FX-related inspections or investigations as former regulators to analyze factual patterns, identify the potential issues, prepare defense strategies and provide other legal advice effectively.
Criminal defense in FX-related cases in front of the Prosecutors’ Office or in courts
Led by attorneys who formerly worked for the Prosecutors’ Office, the police or courts and handled investigations or trials on FX-related criminal cases, professionals in our practice are well equipped to provide careful analysis and effective defense strategies throughout the entire process from investigations by the Prosecutors’ Office and the police to trials in courts.
General FX compliance
We review how clients perform their FX business and provide best practice recommendations for FX compliance. In the event any violations of the FETA arise in the course of the clients’ FX business, our practice advises on the recommended course of action, such as voluntary disclosure required to prevent further violations and mitigate risks.