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South Korea to launch taskforce to reform economic criminal penalties

( July 30, 2025, 05:15 GMT | Official Statement) -- MLex Summary: South Korea will set up a taskforce to reform what President Lee Jae Myung described as “excessive” criminal penalties for economic offenses that may discourage business activity. Speaking at an economic monitoring meeting today, Lee said the government aims to revise 30 percent of the regulations associated with these penalties. He warned that severe legal risks such as imprisonment for corporate misconduct could deter foreign investment in the country. In particular, the widespread use of breach-of-trust charges, which carry both financial and criminal penalties, was cited as especially restrictive and potentially inconsistent with international norms. Lee pledged to eliminate “overly bureaucratic, outdated and unnecessary” regulations to promote innovation and creativity in business through regulatory reform. The remarks, in Korean, follow: ...

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