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Gov't to tighten reporting rules on financial transactions

All News 12:00 June 03, 2018

SEOUL, June 3 (Yonhap) -- 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 (FSC) 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.

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.

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