When a South Korean company pays its North Korean contractor, it deposits money in Korean won in the main branch of Woori Bank in Seoul. With the guarantee, the Kaesong Branch of the bank gives the contractor the money in U.S. dollars. The Finance Ministry took issue with the system on April 17, saying it was an expedient violating regulations on foreign currency transactions, and called for new exceptions to make the transaction legal.
In the documents, the ministry points out that anonymous dollar transactions could lead to trouble in tax collection, and be used as means for money laundering, customs evasion and payments for smuggling. They could also distort the international account balance, since they are not included in foreign exchange statistics, the ministry said. To speak extremely, with the transaction method, the North can make a camouflage purchase of a South Korean company and use it as a channel for surreptitious remittances of illegal money from foreign countries, Lee said.
(englishnews@chosun.com )
Ping
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I wonder if it is State Department, Treasury, DHS, or whomever, who would get involved in this??