World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

Large cash transactions under stronger scrutiny


Large cash transactions under stronger scrutiny

Starting next year, financial services companies are required to report cash transactions of more than 50 million won ($49,900) to the government.

The Ministry of Finance and Economy (MOFE) said on Thursday (May 26) that it decided to strengthen regulations on financial transactions in order to curb an increase in suspected money laundering.

Under the new regulation, which will go into effect on Jan. 18 next year, financial firms should report cash transactions of more than 50 million won by individuals to the Korea Financial Intelligence Unit (KFIU) within a day.

The limit will be lowered to 30 million won in 2008 and 20 million won in 2010, the ministry said.

Currently, financial companies are required to just report transactions they suspect of money laundering of over 20 million won. The ceiling was lowered last year from 50 million won.

According to the ministry, suspected money laundering cases in South Korea more than doubled in the first quarter due mainly to the lowering of the cap on the amount of transactions subject to mandatory reports.

Financial companies reported 1,646 cases of suspected money laundering in the January-March period, up from 791 a year earlier.


© Scoop Media

 
 
 
World Headlines

 

University of Auckland: Low-Lying Pacific Island Has More Land Above Sea Level Than In 1943

An inhabited island in the low-lying Pacific nation of the Marshall Islands, which are thought to be at risk of being inundated by rising sea levels, has actually increased in size since 1943, scientists say. And the increase in area above sea level is likely ... More>>

APEC : Leaders Issue Kuala Lumpur Declaration

The leaders of the 21 APEC member economies issued the Kuala Lumpur Declaration following the first-ever virtual 27th APEC Economic Leaders’ Meeting chaired by Malaysian Prime Minister Muhyiddin Yassin. Convening for the first time since the ... More>>

UN: Appeals For $35 Billion To Help World’s ‘Most Vulnerable And Fragile’ In 2021

UNOCHA/HFO A family flees the violence in Idlib, Syria. (file) A record 235 million people will need humanitarian assistance and protection next year, a near- 40 per cent increase on 2020 which is “almost entirely from COVID-19”, the UN’s emergency ... More>>

OHCHR: UN Committee Issues Recommendations To Combat Racial Profiling

The Committee on the Elimination of Racial Discrimination today published its guidance to combat racial profiling, emphasizing, among other issues, the serious risk of algorithmic bias when artificial intelligence (AI) is used in law enforcement. The ... More>>