South Korea: Aggravated penalties for promise of bribery by financial employees ruled constitutional

 An anti-corruption law equating a promise of bribery by financial services company employees with actual bribery does not run counter to the nation’s Constitution, the Constitutional Court ruled Friday.

Under the aggravated punishment of specific economic crimes act, executives and employees of local financial services companies caught receiving or requesting 30 million won (US$26,650) or more in job-related bribes are subject to increased punishments according to the amount.

Notably, the standing law stipulates the same punishments for financial services employees charged with just promising to accept job-related bribes above the threshold amount, reflecting the high standard of integrity required in the financial services sector.

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