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Tuesday 6 September 2016

Korea - anti-graft law to affect more than 40,000 organizations: ARIRANG NEWS

Published on Sep 5, 2016
김영란법 적용대상 확정, 권익위 목록 발표
Korea's thanksgiving holiday,... known as Chuseok locally,... starts in just over a week from now,... and Koreans are busy buying gifts and food for their family and friends.

This holiday won't be affected,... but soon making purchases for co-workers or business partners will require everyone to pay special attention to the price of gifts due to a new anti-graft law.
Shin Se-min reports.

More details of the newly-passed anti-graft law have been released.

According to the Anti-corruption and Civil Rights Commission, the brand new Kim Young-ran law, or the act of prohibiting illicit solicitation and bribery will affect 40-thousand 919 organizations.

The figure includes central administrative bodies, local scools and provisional state run institutions.
Of that,… 96-point-8 percent, or over 39-thousand institutions are schools, media outlets.

Under the new legislation, those working in stipulated sectors will be prohibited from receiving meals pricier than 27-U.S. dollars, gifts worth more than 44 dollars or receive congratulatory or condolence money for a wedding or funeral that goes over 89 dollars.

Those who violate the law will be faced with a fine worth over 27 thousand dollars or prison time of up to three years.

The law, named after the person who had first proposed the act was passed by the parliament last year, which was approved by the Constitutional Court in July, will go into effect on September 28.
Shin Se-min, Arirang News.

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