The US Department of Justice (DOJ) announced Wednesday that they have signed an antitrust memorandum of understanding (MOU) with the Korean Prosecution Service (KPS). The goal of the MOU is to increase cooperation between the US and South Korea regarding criminal antitrust enforcement and policy in both countries.
Korea and the US have close military and trading partnerships already in place. In 2015 the DOJ and US Federal Trade Commission signed an MOU with the Korean Fair Trade Commission that also attempted to increase cooperation and protect consumers in both countries from antitrust violations.
Wednesday’s MOU with KPS aims to foster mutual respect and understanding between the agencies by requiring that they consider each other’s objectives and interests when enforcing antitrust policy, allow both agencies to share training information and assist each other with any technical issues that may arise, finally it requires confidentiality be maintained by both agencies.
“This memorandum of understanding recognizes the increasing importance of criminal antitrust enforcement in South Korea, and the prioritization of both countries to detect and punish illegal cartel activity,” said Assistant Attorney General Delrahim. “The KPS has become a close enforcement partner in recent years, and this MOU provides a foundation for even greater cooperation and coordination.”
Assistant Attorney General Makan Delrahim delivered some remarks at the signing saying, “As the Korean Prosecution Service works to strengthen its enforcement powers and more effectively tackle the harms presented by illegal cartels, please count on the cooperation and support of the Department of Justice.” He also emphasized the hope that the countries would continue to be friends and work closely together.
Read the statement: