SOUTH KOREA’S AML RECORD CHALLENGED BY CORRUPTION AND RISE OF FIN-TECH
November 1st, 2017
Money laundering in South Korea (formally the Republic of Korea - RoK) has been associated by law enforcers with domestic criminals, official corruption and ethnic Koreans living abroad – which is not particularly unusual.
But, South Korea has an additional exposure to money laundering – its close and difficult relationship with the world’s most isolated pariah state - North Korea. Defectors from the north have played a major role in developing underground remittance systems to remit money to family members in North Korea, according to the US state ...
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