SOUTH KOREA Law and Practice Contributed by: Jeena Kim, Kyunghwan Lee, Eunyoung Row and Bochan Kim, Bae, Kim & Lee LLC
Article 357(2) of the Criminal Code A giver of a bribe may face up to two years’ imprisonment or a fine of up to KRW5 million. Article 5(1), (2) and (4) of the Specific Economic Crimes Act A recipient who is an employee or officer of a financial institution is subject to imprisonment for up to five years or to disqualification for up to ten years. Depending on the amount received, the penalty may be increased to life imprison - ment or imprisonment for at least ten years. Additionally, a fine of at least twice and up to five times the amount received may be imposed. Article 6 of the Specific Economic Crimes Act The giver is subject to imprisonment of at least five years or to a fine of up to KRW30 million. Violation of the Foreign Public Official Bribery
Violation of Prohibition of Payment and Receipt of Money or Valuables Under the Graft Act Article 22(1) of the Graft Act A recipient or giver of money or valuables exceeding KRW1 million per instance or KRW3 million per fiscal year may be punished with imprisonment of up to three years or with a fine of up to KRW30 million. Article 23(5) of the Graft Act A recipient or giver of money or valuables not exceeding KRW1 million per instance or KRW3 million per fiscal year in connection with the recipient’s duties may be subject to an adminis - trative fine equivalent to two to five times the val - ue of the money or valuables received or given. Article 24 of the Graft Act The employer of the giver may be subject to vicarious liability up to the same level of a crimi - nal fine or administrative fine of the giver, unless the employer has exerted due care and supervi - sion. Additional Disadvantageous Measures Against the Offender Article 14(1) of the Specific Economic Crimes Act Under this article, if an officer or employee of a financial company is convicted of bribery, they will be prohibited from working for a certain period at: • any financial company; • any institution capitalised wholly or partially by the State or a local government; • any institution that receives any contribution or assistance from the State or a local gov - ernment; and • any enterprise that is closely related to the convicted offence.
Offence Under the FBPA Article 3(1) of the FBPA
A giver of a bribe may face up to five years’ imprisonment or a fine of up to KRW50 mil - lion where the benefit gained from the bribe is
KRW10 million or less. Article 3(1) of the FBPA
A giver of a bribe may face up to five years’ imprisonment or a fine of up to twice the value of the benefit where the benefit gained from the bribe exceeds KRW10 million. Article 4 of the FBPA A corporation may face a fine of up to KRW1 bil - lion if it is found liable for its employee’s violation of the FBPA and if the benefit gained from the bribe is KRW500 million or less.
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