Punishment for International Bribery

The government passed a resolution in favor of a bill that aims to punish bribery abroad. On October 20, the State Council also voted to ratify an agreement to prevent bribery of foreign officials in international commercial business transactions, which was initiated by the Orginization for Economic Cooperation and Development, OECD.
According to the bill, the government can penalize anybody who gives bribes to foreign officials for international business deals. The bill states that not more than five years imprisonment and a not more than a 20 million won fine can be imposed. The bill stipulates that if an individual gains profits of more than 10 million won by the act of bribery, the government will impose fines of as much as double the profits the briber generated.
Furthermore, if executives of companies offer bribes, the government can impose fines not more than one billion won or as much as double the profits that the company gained by the bribe. However, companies or individuals can avoid prosecution, if they declare the amount of the 'gift' and it is keeping with the practices and laws of those relevant countries.