Amendments to the penalty regime in the Enforcement Decree of the Foreign Trade Act

In order to prevent excessive deviation of the amount of fines between similar violations and to increase the effectiveness of penalties, the Ministry of Trade intends to adjust the enforcement ordinance to set up the penalty at a certain percentage more than 50% of the maximum fines under the Foreign Trade Act, depending the degree of the violation. Currently the enforcement Act is usually imposing only half of the maximum fine in the Foreign Trade Act.

Source: https://opinion.lawmaking.go.kr/gcom/ogLmPp/56529?opYn=Y&lsClsCd=AA0102&isOgYn=Y&edYdFmt=2019.+11.+6.&stYdFmt=2019.+10.+1.&btnType=1