South Korea's new law restricting gift-giving to officials has perhaps attracted the most attention for its so-called "3-5-10" restrictions which have even been lampooned on global news channels.
This provision refers to curbs on public officials being treated to meals costing over 30,000 won ($26), receiving gifts valued at more than 50,000 won and accepting donations of more than 100,000 won for family events such as weddings or funerals. For a country where gift-giving is ingrained in the culture and a key component of maintaining relationships, the economic impact of the new law, officially the Improper Solicitation and Graft Act, on farmers, restaurants and other small businesses has been especially pronounced.
