FKCCI "Business Community Actively Welcomes Government's Economic Crime Reform"
Possibility of Amendments to the Fair Trade Act and Serious Accident Punishment Act
Bang Gi-seon, the 1st Vice Minister of the Ministry of Economy and Finance, presides over the "Economic Penal Regulation Improvement Task Force (TF) Launch Meeting" held at the Government Seoul Office Building on the 13th. (Photo by Yonhap News)
View original image[Asia Economy Reporter Moon Chaeseok] The Federation of Korean Industries (FKI) stated on the 13th that the business community "actively welcomes" the government's decision to improve economic criminal regulations.
Bang Gi-seon, First Vice Minister of Strategy and Finance, and Lee Nogong, Vice Minister of Justice, held a meeting to launch the "Economic Criminal Regulation Improvement Task Force (TF)" at the Government Seoul Office Building on the morning of the same day. They discussed the TF operation plan and directions for institutional improvement. They decided to pursue measures to abolish or convert regulations such as the Fair Trade Act and the Serious Accidents Punishment Act into administrative sanctions. It is expected that criminal penalties against conglomerate heads and businesspeople will decrease.
Yu Hwan-ik, Head of the Industry Division at FKI, explained, "Excessive and overlapping punishments against companies and businesspeople under economic laws have been one of the causes hindering business activities. Excessive criminal penalties have damaged entrepreneurial spirit, reduced corporate investment, hindered the creation of quality jobs, weakened companies' global competitiveness, and caused side effects. This has worsened the business environment and lowered Korea's investment attractiveness."
Hot Picks Today
"Could I Also Receive 370 Billion Won?"... No Limit on 'Stock Manipulation Whistleblower Rewards' Starting the 26th
- Samsung Electronics Labor-Management Reach Agreement, General Strike Postponed... "Deficit-Business Unit Allocation Deferred for One Year"
- "From a 70 Million Won Loss to a 350 Million Won Profit with Samsung and SK hynix"... 'Stock Jackpot' Grandfather Gains Attention
- "Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?
Yu added, "The business community actively welcomes the government's recognition of these issues and its move to improve economic criminal regulations. We hope that during the upcoming discussions, criminal penalty regulations that suppress entrepreneurial spirit and hinder business activities will be actively improved to reflect reality."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
