South Korea’s new anti-graft law brings both compliance benefits and burdens
9 February 2017
The Act on the Prohibition of Improper Request and Provision/Receipt of Money and Valuables, colloquially known as the Anti-Graft Act was enacted in South Korea in September 2016. The new law seeks to regulate the giving of gifts to employees of government, media and educational institutions.
Rebecca Thorpe talks to Patricia Lee of Thomson Reuters about the strong gift giving culture in South Korea and how the new law is likely to ruffle feathers. The law caps the amount that can be given as gifts, including monetary gifts, meals and entertainment. Offending persons can face fines and/or imprisonment for serious infractions.
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