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World

S. Korea cracks down on the finer things in life

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World

S. Korea cracks down on the finer things in life

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COMING UP:S. Korea cracks down on the finer things in life

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00:00:02
>> No more free ride for teachers, journalists and civil servants in South Korea. Seoul is cracking down on graft, and that means lavish meals, rounds of golf and expensive gifts like ginseng, will soon be off limits for some. It's part of a new law set to take effect next month.
00:00:20
And while the draft has been applauded by many, it's not welcome news for all.>> I'm Christine Kim with Reuters at a popular seafood restaurant in Seoul. This is the kind of place where people usually bring their contacts or colleagues to treat them to a nice meal often with drinks involved.
00:00:38
Now the owners are worried that the new law will hurt business so they've been devising a new menu with items priced to come in just under the new legal limit.>> Also up in arms, the country's farmers that's because box sets of beef which are a popular gift but can cost hundreds of dollars, will soon be on the chopping block.
00:00:58
The new law limits the value of gifts to about $45 and meals to around $30. Experts warn, it could wipe out about $10 billion in revenue for sectors like food and golf. President Park Geun-hye says she'll be trying to avoid any economic fall out, but the law is for the greater good.
00:01:18
>>
FOREIGN]
> Once the law is in place, the effectiveness of our economy will increase. And South Korea's potential growth may be improved. Graft scandals are common in South Korea. The country ranks 37th out of 168 on Transparency International's Corruption Perception Index. And for those still keen to grease the wheels of commerce never fear.
00:01:41
South Korean shops still offer plenty of affordable gift sets from apples to shampoo, and Spam.