Home

The Korea Herald

Latest news

Most Popular

  1. 1

    K-pop group's manager dismissed for setting up spycam in theater dressing room

    K-pop group's manager dismissed for setting up spycam in theater dressing room
  2. 2

    Contentious grain bill put directly to plenary meeting for vote

    Contentious grain bill put directly to plenary meeting for vote
  3. 3

    Why is Apple Pay struggling to get purchase in Korea?

    Why is Apple Pay struggling to get purchase in Korea?
  4. 4

    Will tug-of-war between doctors, government end soon?

    Will tug-of-war between doctors, government end soon?
  5. 5

    Climate impacts set to cut 2050 global GDP by nearly a fifth

    Climate impacts set to cut 2050 global GDP by nearly a fifth
  1. 6

    Trilateral talks acknowledge ‘serious’ slumps of won, yen

    Trilateral talks acknowledge ‘serious’ slumps of won, yen
  2. 7

    [Today’s K-pop] BTS pop-up event to come to Seoul

    [Today’s K-pop] BTS pop-up event to come to Seoul
  3. 8

    Yoon's approval rating plunges to all-time low

    Yoon's approval rating plunges to all-time low
  4. 9

    [Graphic News] More Koreans say they plan long-distance trips this year

    [Graphic News] More Koreans say they plan long-distance trips this year
  5. 10

    Mother of student activist, whose death sparked pro-democracy movement, dies

    Mother of student activist, whose death sparked pro-democracy movement, dies
소아쌤

Govt. to tighten reporting rules on financial transactions

By Yonhap

Published : June 3, 2018 - 13:32

    • Link copied

The government has proposed a bill to toughen the rules for reporting on certain financial transactions, the country's top financial regulator said Sunday.

The move is part of Seoul's ongoing efforts to better ferret out financial crime and money laundering activities, the Financial Services Commission said.

South Korea has tightened regulations on anti-money laundering and possible terrorism financing, targeting some loopholes that may be used by people to conceal their wealth.

(Yonhap) (Yonhap)

The FSC said in a statement that under the proposed bill, "public enterprises and other government-affiliated institutions are to fall under the newly enhanced currency transaction reporting."

"The definition of a one-off financial transaction is to be changed to a transaction performed by a customer that has not established a business relationship with a financial service provider," it said.(Yonhap)

More from Headlines