Republic of Korea Country Profile

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Business Corruption in South Korea

South Korean flag, corruptionCorruption is not a major obstacle for businesses in South Korea. The main corruption-related issue concerns collusion between government officials and business, with officials being lenient in regulating business due to the prospect of eventual private-sector employment for public officials (Diplomat, May 2014). South Korea's Criminal Code criminalises the main forms of corruption, its Act on Anti-Corruption and the Establishment and Operation of the Anti-Corruption & Civil Rights Commission includes a Code of Conduct and rules on gifts for government officials, and its Act on Preventing Bribery of Foreign Public Officials in International Business Transactions (the FBPA) covers foreign bribery. Anti-corruption legislation is increasingly enforced in South Korea. Facilitation payments are prohibited within South Korea, but they are permitted, under certain conditions, with respect to foreign officials. There is no minimum threshold for gifts under Korean legislation.

June 2015
GAN Integrity Solutions