Money Laundering in South Korea

in Business Risk

A report by the Customs Agency of South Korea stated that up to $139.9 Million (157.8 Billion South Korean Won) was laundered through the United States in 2012. The amount of money laundered by South Koreans in 2013 was significantly higher than the $7.5 Million (8.5 Billion Won) laundered in 2011, and the $88,900 (100 Million Won) laundered through the US in 2009.

The Customs agency also reported that up to $22.4 Million (25.2 Billion Won) was laundered through China in 2012, an increase from the $7.5 Million (8.5 Billion Won) that was laundered through China in 2011.

(What is money laundering? Cases and techniques here.)

Source:  “U.S., China emerge as major channels for money laundering: report,” GlobalPost, July 10, 2013.

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