Dubbed the Kim Young-Ran law after the former supreme court judge who drafted it, the sweeping legislation covers some four million public servants and employees of education institutions in the country of 50 million.
The law targets teachers bribed by parents to give better grades, journalists paid to give favourable publicity and officials bought off by businessmen to speed up bureaucratic processes.
They are now banned from accepting gifts worth 50,000 won (USD 45) or more, or meals of 30,000 won or more, with offenders facing hefty fines or even a prison term.
In the past, many people charged with receiving bribes got away with a slap on the wrist.
"We believe that the law will be a turning point to create a fair, clean society ... And to enhance our national integrity," presidential spokesman Jung Youn-Kuk told reporters today.
The law however drew complaints from local businesses and restaurants who feared sales would slump. Some restaurants recently introduced "Kim Young-Ran menus" priced at 29,900 won or less.
South Korea -- the world's 11th biggest economy and the Asia's fourth largest -- has fared relatively poorly in corruption or transparency levels.
Last year it was ranked 37th in the World Corruption Perceptions Index and 123rd in transparency in public policymaking in the Global Competitiveness Report by the World Economic Forum.
Bribery scandals involving politicians or high-level officials and rich businessmen have been fixture in South Korean politics for decades.
Local media organisations have been under criticism for years for removing or dismissing stories that are damaging to big advertisers.
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