South Korea to enforce stricter sanctions for accounting misconduct

South Korea’s financial authorities are preparing to introduce more severe sanctions for accounting misconduct to eliminate gaps that have permitted senior executives to avoid accountability, Korea Bizwire reported.

The Securities and Futures Commission has sanctioned a new regulatory framework that will significantly increase penalties for both corporations and their leaders.

The updated regulations will see fines for intentional and sustained accounting infractions rise by approximately 50% for companies and by as much as 150% for individuals.

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