Tuesday, November 10, 2009

http://www.koreaherald.co.kr/NEWKHSITE/data/html_dir/2009/11/10/200911100064.asp 

The Korea Financial Intelligence Unit said yesterday it will strengthen the money laundering reporting system next year, by lowering the minimum threshold of suspicious transactions to 5 million won ($4,250) from the current 20 million won.

The Finance Service Commission-affiliated agency said it will apply the new rules through enforcement decrees of the related law within the first half of next year.

Under the new regulation, financial firms should report to the KFIU transactions over 5 million won that are suspected of laundering criminal proceeds or tax evasion.

The monitoring on transactions on foreign currency has also been toughened.

Financial firms should report to the KFIU any suspicious transaction over $3,000 next year, instead of $10,000.

KFIU officials said that Korea needs to toughen the anti-money laundering regulation for the international level, as the nation joined the Financial Action Task Force, the international anti-money laundering, on Oct. 14.

If financial companies report suspicious transactions to the KFIU, the agency is required to report the case and related materials to other authorities including the Public Prosecutors' Office and the National Tax Service.