News
New Anti-Corruption Law in Effect
04.10.2016
On 28 September the new Korean anti-corruption law, called Kim Young-ran Act (Improper Solicitation and Grafts Act), entered into force. In addition to the present bribery offences on obtaining governmental decisions a new corruption offence is introduced. By this law the traditional gift culture will face severe changes and criminal risks for companies and their employees in Korea will considerably increase. In addition to this the criminal liability of corporations will be introduced.
In addition to this a new corruption offence is introduced. Criminally liable is who makes contributions to a public official in the value of more than KRW 1 mio. Euro (approx. 810 Euro) or in the cumulative value of more than KRW 3 mio. (approx. 2,400 Euro) through the same source in one year.
Prohibition of gifts and entertainment
The new act for the first time sets thresholds for illegal gifts and entertainment to public officials. Invitations to meals and beverages with a value of more than KRW 30,000 (approx. 25 Euro), the granting of gifts with a value of more than KRW 50,000 (approx. 40 Euro) or cash donations on the occasions of weddings and funerals with a value of more than 100,000 (approx. 80 Euro) are prohibited.In addition to this a new corruption offence is introduced. Criminally liable is who makes contributions to a public official in the value of more than KRW 1 mio. Euro (approx. 810 Euro) or in the cumulative value of more than KRW 3 mio. (approx. 2,400 Euro) through the same source in one year.