The Anti-Graft Act Amendment Passed in the Plenary Session... Agricultural and Marine Products Limit Raised to 200,000 Won

At the plenary session held at the National Assembly on the 9th, the amendment to the Act on the Regulation and Punishment of Criminal Proceeds Concealment, which is a preventive law against the Korea Land and Housing Corporation (LH) scandal, was passed./Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Park Jun-yi] Starting from next year's Lunar New Year, the gift value limit for processed agricultural and marine products will be doubled from the current 100,000 KRW to 200,000 KRW.

On the 9th, the National Assembly held a plenary session and passed the "Partial Amendment to the Act on the Prohibition of Improper Solicitation and Graft," which doubles the value of agricultural, livestock, and marine products that can be gifted during holiday periods. The amendment was approved with 186 votes in favor, 5 against, and 7 abstentions out of 198 members present.

The amendment raises the gift value limit for agricultural and marine products and processed agricultural and marine products from 100,000 KRW to 200,000 KRW exclusively during the Lunar New Year and Chuseok holidays. This regulation will take effect starting from next year's Lunar New Year.

Through the revision of the Enforcement Decree by the Anti-Corruption and Civil Rights Commission, the applicable period is expected to be set from 30 days before to 7 days after Lunar New Year and Chuseok.