Tag - Korea anti-money laundering

Korea to toughen rules on anti-money laundering

South Korea said Monday it will step up efforts to close systemic loopholes in efforts to combat money laundering. The government plans to revise related legislation to cover lawyers, accountants, realtors and other professionals in non-finance sectors, according to the initiative by the authorities. Currently, only financial firms and casinos are subject to the law calling for the identification of customers, storage of relevant records and reporting of suspicious transactions. Yim Jong-yong, chairman of the Financial Services Commission (FSC), described the non-finance [...]