Rules on Overseas Remittance to Get Tougher

  • Arirang News

    December 20, 2004 13:42

    In efforts to curb the illegal outflow of money, the government has mapped out a plan reinforcing overseas remittance law starting next year to eliminate illegal outflow of money overseas.
    The Ministry of Finance and Economy says the government will introduce a package of new measures in the first half of next year, including the adoption of a foreign exchange verification system to avoid loopholes that may have been abused by some local companies and individuals.
    The ministry added the new measures would include a thorough investigation over remittance procedures and require more verification documents for those sending money abroad.
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