Cases of money laundering found by South Korea’s customs authorities increased more than five times in the past three years, according to data by the Korea Customs Service (KCS) Monday.
The data submitted to the National Assembly for a parliamentary inspection, the nation’s customs authorities found 1,002 cases of illegal foreign currency transactions worth 3.13 trillion won ($2.80 billion) in the first eight months of this year. This is close to last year’s violations worth 3.81 trillion won or 1,641 cases.
Among the violations this year, cases of the violation of the Foreign Exchange Control Act posted 2.92 trillion won, or 945 cases, followed by money laundering worth 187.7 billion won, or 52 cases and capital flight worth 20.6 billion won, or five cases.
In particular, money laundering jumped by 5.6 times from violations worth 33.5 billion won in 2009.
Source for this news: click here [Written by Jung-hong Jeon / edited by Soyoung Chung ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
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