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Legal System of Anti-Money Laundering in Korea

  • Public Land Law Review
  • Abbr : KPLLR
  • 2010, 51(), pp.279-306
  • Publisher : Korean Public Land Law Association
  • Research Area : Social Science > Law

Dongsoo Lee 1

1대구가톨릭대학교

Accredited

ABSTRACT

oney laundering is the process by which funds obtained through criminal activities are turned into funds that appear to have been obtained from one or more legirimate sources. The purposes of preventing money laundering are; 1) to maintain international financial order, as well as to establish law; 2) to secure financial soundness and transparency; 3) to prevent damage to financial institutions and to gain credibility; 4) to prevent social and national corruption; and 5) to block the negative impact of such criminal conduct on the national economy. How to perform money laundering ① Through casinos and racetracks ② Transactions in trade ③ Alternative remittance systems ④ Bank account, trust funds, bank loan, private banking, and bearer bond, etc ⑤ Transactions on the stock exchange (brokerage account, investment trust)⑥ Insurance ⑦ Financial derivatives ⑧ Electronic banking, electronic money The effort to prevent money laundering can violate the privacy of individual financial transactions. Privacy of financial transactions is a right secured by the Constitution, which protects privacy and private property. Therefore, the effort to prevent money laundering should strike a balance between guaranteeing constitutional fundamental right and obtaining transparency of financial transactions and soundness of national economy.

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