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Laws of the Republic of Korea |
1
ACT ON REPORT ON, AND THE USE OF SPECIFIC FINANCIAL TRANSACTION INFORMATION
Act No. 8697, Dec. 21, 2007
Amended by Act No. 7311, Dec. 31, 2004
Act No. 7336, Jan. 17, 2005
Act No. 8635, Aug. 3, 2007
Act No. 8704, Dec. 21, 2007
Act No. 8863, Feb. 29, 2008
Article 1 (Purpose)
The purpose of this Act is to provide for matters concerning reporting on,
and the use of specific financial transaction information
to regulate money
laundering and the financing of terrorism, so as to prevent crimes and
furthermore contribute to establishing
sound and transparent financial
transaction systems.
The definitions of terms used in this Act are as follows: 1. The term "financial institution, etc." means any of the following:
(a) The Korea Development Bank, the Export-Import Bank of Korea,
the Industrial Bank of Korea or financial institutions under the
Banking Act;
(b) Long-term credit banks under the Long-Term Credit Banks Act;
(c) Merchant banks under the Merchant Banks Act;
(d) Mutual savings banks and the National Federation of Mutual Savings
Banks under the Mutual Savings Banks Act;
(e) Agricultural Cooperatives and the National Federation of Agricultural
Cooperatives under the Agricultural Cooperatives Act;
(f) Fisheries Cooperatives and the National Federation of Fisheries
Cooperatives under the Fisheries Cooperatives Act;
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REPORT ON, AND THE USE OF SPECIFIC FINANCIAL
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(g) Credit unions and the National Federation of Credit unions under
the Credit Unions Act;
(h) Community Credit Cooperatives and the National Federation of
Community Credit Cooperatives under the Community Credit
Cooperatives
Act;
(i) Trust companies under the Trust Business Act;
(j) Securities companies, securities finance companies, brokerage
companies or
institutions or transfer agencies under the Securities
and Exchange Act, or asset management companies under the
Indirect Investment
Asset Management Business Act;
(k) Insurance companies under the Insurance Business Act;
(l) Communication agencies under the Postal
Savings and Insurance
Act;
(m) Futures companies under the Futures Trading Act; and
(n) Entities prescribed by Presidential Decree, among those making
financial
transactions under subparagraph 2;
2. The term "financial transaction" means financial transactions under
subparagraph 3 of Article 2 of the Act on Real Name Financial
Transactions and Guarantee of Secrecy (hereafter referred to as the
"Actual Name Financial Transactions Act"), futures trading
under
subparagraph 1 of Article 3 of the Futures Trading Act, or other
transactions prescribed by Presidential Decree.
3. The term "illegal assets" means any of the following items:
(a) Gains, etc. from crimes under subparagraph 4 of Article 2 of the
Act on the Regulation and Punishment of the Concealment of Gains
from Crimes (hereafter referred to as the "Gains form Crimes
Regulation Act"); and
(b) Illegal gains, etc. under Article 2 (5) of the Act on Special Cases
concerning the Prevention of Illegal Trafficking in Narcotics,
etc
(hereafter referred to as the "Narcotics Prevention Act").
4. The term "money laundering" means any of the following items:
(a) Crimes under Article 3 of the Regulation Gains form Crimes Act;
(b) Crimes under Article 7 of the Narcotics Prevention Act; and
(c) Hiding the acquisition or disposal of assets, or the causes
of accrual
thereof or concealing the assets, with intention to commit crimes
under Article 9 of the Punishment of Tax Evaders Act,
Article 269
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Article 2 (Definitions)
The definitions of terms used in this Act are as follows: 1. The term "financial institution, etc." means any of the following:
(a) The Korea Development Bank, the Export-Import Bank of Korea,
the Industrial Bank of Korea or financial institutions under the
Banking Act;
(b) Long-term credit banks under the Long-Term Credit Bank Act;
(c) Investment trading businesses, investment brokerage businesses,
collective investment businesses, trust companies, securities
financial companies, merchant banks or transfer agencies under
the
Capital Market and Financial Business Act;
(d) Mutual savings banks and the National Federation of Mutual savings banks
under the Mutual Savings Banks Act;
(e) Agricultural Cooperatives and the National Federation of Agricultural
Cooperatives under the Agricultural Cooperatives Act;
(f) Fisheries Cooperatives and the National Federation of Fisheries Cooperatives
under the Fisheries Cooperatives Act;
(g) Credit unions and the National Federation of Credit unions under the Credit
Unions Act;
(h) Community Credit Cooperatives and the National Federation of Community
Credit Cooperatives under the Community Credit Cooperatives
Act;
(i) Deleted;
(j) Deleted;
(k) Insurance companies under the Insurance Business Act;
(l) Communication agencies under the Postal Savings and Insurance Act;
(m) Deleted;
(n) Casino businesses authorized under the Tourism Promotion Act (hereafter
referred to as "casino businesses"); and
(o) Entities prescribed by Presidential Decree, among those making financial
or 270 of the Customs Act, or Article 6 or 8 of the
Act on the Aggravated
Punishment, etc. of Specific Crimes, as results of foreign exchange
transactions prescribed by Presidential
Decree or other foreign
trading (hereafter referred to as "foreign exchange transaction, etc.").
ACT ON REPORT ON, AND THE USE
OF SPECIFIC FINANCIAL
TRANSACTION INFORMATION
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transactions under subparagraph 2;
2. The term "financial transaction" means any of the following items:
(a) Import, sale, repurchase, brokerage, discount, issuance,
redemption, refund, trust, registration or exchange of financial
assets (referring to financial assets as referred to in Article
2-2
of the Act on Real Name Financial Transactions and Guarantee
of Secrecy), or paying interest, discount or dividends thereof,
by
a financial institution, etc., or conducting such business as an
agency, or other transactions dealing with financial assets,
which
are prescribed by Ordinance of the Prime Minister;
(b) Transactions made on the derivatives market under the Capital Market
and
Financial Business Act, and other transactions prescribed by Presidential
Decree; and
(c) Exchanging cash or checks with something used as cash or a checks,
which is prescribed by presidential Decree in the place of
a casino
business;
3. The term "illegal assets" means any of the following items:
(a) Gains, etc. from crimes under subparagraph 4 of Article 2 of the
Act on the Regulation and Punishment of Concealment of Gains from Crimes
(hereafter the "Regulation Gains form Crimes Act");
(b)
Illegal gains, etc. under Article 2 (5) of the Act on Special Cases
concerning the Prevention of Illegal Trafficking in Narcotics,
etc
(hereafter the "Narcotics Prevention Act"); and
(c) Funds for terrorism referred to in subparagraph 1 of Article 2
of the Act on Prohibition against the Financing of Terrorism;
4. The term "money laundering" means any of the following items:
(a) Crimes under Article 3 of the Regulation Gains form Crimes Regulation
Act;
(b) Crimes under Article 7 of the Narcotics Prevention Act; and
(c) Hiding the acquisition or disposition of assets, or the causes
of accrual
thereof or concealing the assets, with intention to commit crimes under
Article 9 of the Punishment of Tax Evaders Act,
Article 269 or 270 of
the Customs Act, or Article 6 or 8 of the Act on the Aggravated Punishment,
etc. of Specific Crimes;
5. The term "financing of terrorism" means crimes falling under Article 6 of the
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Act on Prohibition against the Financing of Terrorism.
Article 3 (Korea Financial Intelligence Unit)
(1) The Korea Financial Intelligence Unit is founded under the Financial
Services Commission so as to efficiently perform the following
responsibilities:
1. Controling, analyzing or providing affairs reported or notified under
Article 4, 4-4, or 6;
2. Supervising or inquiring work, under Article 4, 4-2, 5, or 5-2, performed
by financial institutions, etc.;
3. Cooperation and exchange of information, under Article 4 (6) 2, with
foreign financial intelligence services;
4. Responsibilities pursuant to the Act on Prohibition against the Financing
of Terrorism; and
5. Responsibilities related to subparagraphs 1 through 4, prescribed by
Presidential Decree.
(2) The Korea Financial Intelligence Unit shall perform its competent duties
independently, and its public officials may not engage
in work other than
that pursuant to this Act or the Act on Prohibition against the Financing
of Terrorism.
(4) The head of the Korea Financial Intelligence Unit (hereafter referred
to as "the Commissioner of the Korea Financial Intelligence
Unit") shall
report on each matter, regarding responsibilities referred to in paragraph
(1), at a regular session of the National
Assembly each year:
1. The number of cases reported by financial institutions, etc., under
Article 4;
2. The amount of specific financial transaction information the Korea
Financial Intelligence Unit provided to investigation authorities,
under
Article 7;
3. The amount of information the Korea Financial Intelligence Unit has
exchanged with foreign intelligence services, under Article
8; and
4. Other statistical data related to the responsibilities of the Korea
Financial Intelligence Unit.
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Article 4 (Reports on Transactions Presumed Illegal)
(1) Each financial institution, etc. shall immediately report, as prescribed
by Presidential Decree, any of the following cases to the Commissioner
of the Korea Financial Intelligence Unit:
1. Where there are reasonable grounds to suspect that assets gained from
a financial transaction are illegal or the other party in
a financial
transaction is laundering money or financing terrorism, and the amount
of the relevant transaction is at least the
amount determined by
Presidential Decree;
2. Where there are reasonable grounds to presume that the other party
in a financial transaction is making installment transactions
to
circumvent the provisions of subparagraph 1, and the total sum of
installment transactions is at least the amount determined
by
Presidential Decree, referred to in subparagraph 1; and
3. Where any person engaged in a financial institution, etc. reports to
the competent investigation authority, under Article 5 (1)
of the Gains
form Crimes Regulation Act, or Article 5 (2) of the Act on Prohibition
against the Financing of Terrorism.
(2) Even if gains from a financial transaction are less than the amount
referred to in paragraph (1) 1 or 2 (referring to the total
amount, in cases
of subparagraph 2), as determined by Presidential Decree, there are
reasonable grounds to suspect that the relevant
assets are illegal or the
other party in the financial transaction is laundering money, or financing
terrorism, and then a financial
institution, etc. may report such allegation
to the Commissioner of the Korea Financial Intelligence Unit.
(3) Where a financial institution, etc. files a report under paragraphs (1)
or (2), it shall clearly state reasonable grounds for
such presumption.
(4) Where a financial institution, etc. makes report under paragraphs (1)
or (2) shall keep each of the following
data related to the relevant report
for five years from the date of report, as prescribed by Presidential Decree:
1. Data to verify the actual name of the other party in a financial transaction;
2. Data on financial transactions to report under paragraph (1) or (2);
and
3. Data where financial institutions, etc. have recorded reasonable grounds
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for such suspicion
(5) Where the Commissioner of the Korea Financial Intelligence Unit
performs an analysis on matters reported by financial institutions,
etc.
under paragraph (1) or (2), he/she may access, or make copies of related
data kept by a financial institution, etc. under
paragraph (4), only to
deliberate if each reported matter falls under the conditions of each
paragraph.
(6) Where any person, who works for a financial institution, etc., intends
to make, or has already made a report under paragraph
(1) or (2), he/she
shall not leak such fact to anyone, including the other party to the relevant
financial transaction: Provided,
That this shall not apply in any of the
following cases: 1. Where the fact of report is internally disclosed by the same financial
institution, etc. to prevent money laundering or the financing
of
terrorism; and
2. Where a report, equivalent to one referred to in paragraph (1) or (2),
is made to a foreign institution engaged in performing
duties equivalent
to those referred to in each item of Article 3 (1) (hereafter referred
to as a "foreign financial intelligence
service"), following the laws or
regulations of the relevant foreign country.
(7) No financial institution, etc. (including anyone who works for a financial
institution, etc.) that has made a report under paragraph
(1) or (2) shall
be liable for compensation of damage to the other party in a financial
transaction, or an interested party thereof,
related to the relevant report,
unless such financial institution, etc. has made a false report intentionally
or by gross negligence.
1. Paying to, or receiving cash, etc., from another financial institution,
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etc. (excluding entities prescribed by Presidential Decree);
2. Paying to, or receiving cash, etc., from the State, local government
or other public organizations determined by Presidential
Decree; and
3. Paying or receiving cash, etc., ordinary in nature, which involves no
risk of money laundering and is prescribed by Presidential
Decree.
(2) Where there are reasonable grounds to suspect that the other party
in a financial transaction is making installment
transactions to circumvent
the provisions of subparagraph 1, a financial institution, etc. shall report
such fact to the Commissioner
of the Korea Financial Intelligence Unit.
(3) The Commissioner of the Korea Financial Intelligence Unit may
designate the following
organizations as intermediaries to handle
data related to reports on high-value cash transactions (hereafter
referred to as "intermediaries")
and have them administer such
responsibilities: 1. Korea Federation of Banks, an incorporated association, founded
pursuant to Article 32 of the Civil Act, upon approval by the
Financial
Services Commission;
2. Korea Financial Investors' Association established pursuant to Article
283 of the Capital Market and Financial Business Act; or
3. Korea Federation of Savings Banks established pursuant to Article
25 of the Mutual Savings Banks Act.
(4) The methods of reporting pursuant to paragraph (1) or (2), the
designation and administration of intermediaries pursuant to
paragraph
(3), and other necessary matters shall be prescribed by Presidential Decree.
[This Article Newly Inserted by Act No. 7336, Jan. 17, 2005]
Article 5 (Appointment of Persons Responsible for Reporting in Financial
Institution, etc.)
Each financial institution, etc. (excluding an entity determined by
Presidential Decree) shall take each of the following measures
to efficiently
conduct reporting under Article 4 (1) and (2) or Article 4-2, and to effectively
prevent money laundering and the
financing of terrorism: 1. Appointment of responsible persons for reporting under Article 4 (1)
and (2) or Article 4-2, and the establishment of an internal
reporting system;
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2. Formulation and enforcement of guidelines for preventing money
laundering and the financing of terrorism; and
3. Education and training of executives and employees, to prevent money
laundering and the financing of terrorism.
Article 5-2 (Responsibilities of Financial Institutions, etc. to Verify
Clients)
(1) As a reasonable precaution to prevent money laundering and the
financing of terrorism, each financial institution, etc. shall
take any of
the following measures. In such cases, each financial institution, etc. shall
prepare and enforce guidelines for such
measures:
1. In cases where a client opens a new account or makes a transaction
of at least the value determined by Presidential Decree: verification
on matters prescribed by Presidential Decree, from among the personal
information of the relevant person; and
2. In cases where a client may attempt laundering money or the financing
of terrorism, for instance, where there is suspicion as
to whether he/she
is the actual party in a financial transaction: verification on the actual
party, and the purposes of the transaction.
(2) Guidelines pursuant to paragraph (1) shall include the details,
procedures and methods of proper measures related to the prevention
of
laundering money, or the financing of terrorism, by the types of clients
and financial transactions.
[This Article Newly Inserted by Act No. 7336, Jan. 17, 2005]
Article 6 (Notification of Data of Foreign Currency Transactions)
(1) The Governor of the Bank of Korea, the head of the relevant customshouse
and others prescribed by Presidential Decree shall
notify the Commissioner
of the Korea Financial Intelligence Unit of data related to approval or
reporting under Article 17 of the
Foreign Exchange Transactions Act and
notification under Article 21 of the said Act.
(2) Necessary matters for the scope of data subject to notification and
procedures for such notification, under paragraph (1), shall
be prescribed
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by Presidential Decree.
Article 7 (Release of Information to Investigation Authorities, etc.)
(1) The Commissioner of the Korea Financial Intelligence Unit
shall, if
deemed necessary for investigation of criminal cases related to illegal assets,
money laundering or the financing of
terrorism, tax or customs violation,
the violation of the Political Fund Act or supervision of financial affairs
(hereafter referred
to as "investigation, etc. of specific criminal cases"),
release all of the following information (hereafter referred to as "information
on specific financial transactions") to the Public Prosecutor General, the
Commissioner of the National Tax Service, the Commissioner
of the Korea
Customs Service, the National Election Commission or the Financial
Services Commission. 1. Information reported by financial institutions, etc., under Article 4 (1)
or (2);
2. Information provided by foreign financial intelligence services, under
Article 8 (1); and
3. Organization or analysis of information referred to in subparagraph 1
or 2, or reported or notified under Article 4-2 or Article
6.
(2) The Commissioner of the Korea Financial Intelligence Unit shall,
if deemed necessary for investigation of specific criminal
cases
related to illegal assets, money laundering or the financing of
terrorism, release specific information on financial transactions
determined by Presidential Decree to the Commissioner of the
Korean National Police Agency.
(4) The Public Prosecutor-General, the Commissioner of the
National Tax Service, the Commissioner of the Korea Customs
Service,
the National Election Commission or the Financial Services
Commission (hereafter referred to as the "Public
Prosecutor-General, etc.") may request the Commissioner of the
Korea Financial Intelligence Unit to release information as referred
to in paragraph (1) 3.
(5) The Public Prosecutor General, etc. shall, if requesting for specific
information on financial transactions under paragraph
(4), do so in writing,
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stating each of the following matters:
1. Personal information of persons subject to investigation;
2. The purposes for use of information; and
3. The details of information being requested.
(6) Where any public official belonging to the Korea Financial Intelligence
Unit
is requested to provide information in violation of paragraph
(5), he/she shall reject such request.
(7) The Commissioner of the Korea Financial Intelligence Unit shall,
if provided specific information on financial transactions
under
paragraphs (1) through (4), shall record the names of public officials
involved in deliberation and the process of providing
the information, the
details of information provided and grounds for release thereof, and shall
keep the record for five years
from the date of provision of such information,
as prescribed by Presidential Decree.
Article 8 (Exchange of Information with Foreign Financial Intelligence
Services)
(1) The Commissioner of the Korea Financial Intelligence Unit may release
specific information on financial transactions to foreign
financial intelligence
services, or receive such information therefrom, on a reciprocal basis, if
it is deemed necessary to achieve
the purposes of this Act.
(2) The Commissioner of the Korea Financial Intelligence Unit may release
specific information on financial transactions to foreign
financial intelligence
services, under paragraph (1), that the foreign financial intelligence services
strictly under takes to
fulfill each of the following conditions:
1. Specific information on financial transactions provided to foreign financial
intelligence services may not be used for purposes
other than its original
purposes;
2. The provision of specific information on financial transactions shall be
kept confidential; and
3. Specific information on financial transactions released to foreign financial
intelligence services may not be used for any foreign
criminal investigation
or trial, without prior consent from the Commissioner of the Korea
Financial Intelligence Unit.
(3) If requested by a foreign country, the Commissioner of the Korea Financial
Intelligence Unit may give consent, upon obtaining
consent from the Minister
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of Justice, on the use of specific information on financial transactions released
under paragraph (1) for a criminal investigation
or trial, which is related
to such request.
Article 9 (Assurance of Confidentiality of Financial Transaction
Information)
(1) Public officials belonging to the Korea Financial Intelligence Unit,
employees of intermediaries or persons involved in investigation,
etc. on
specific criminal cases related to specific information on financial transactions
released under the provisions of Article
7 may not release or divulge specific
information on financial transactions which they have accessed in the course
of performing
their duties and information or data received under the
provisions of Article 10; no one may request public officials belonging
to
the Korea Financial Intelligence Unit, employees of intermediaries or persons
involved in investigation, etc. on specific criminal
cases to release specific
information on financial transactions, and information or data received under
the provisions of Article
10, or to use them for purposes other than their
original purposes.
(2) Specific information on financial transactions released under the provisions
of Article 7 shall not be used as evidence in any
trial.
(3) Employees of financial institutions, etc. who have been involved in a
report under Article 4 (1) or (2) may refuse to
testify on matters related
to the relevant report, except for a trial related to the provisions of Articles
13 and 14: Provided,
That this shall not apply, if necessary for substantial
public interest.
Article 10 (Request for Release of Information)
(1) The Commissioner of the Korea Financial Intelligence Unit may request
the head of the relevant administrative agency to provide
data prescribed
by Presidential Decree (excluding specific information on financial
transactions), if deemed necessary for analysis
on specific information on
financial transactions (excluding information referred to in Article 7 (1)
3; hereafter the same shall
apply in this Article) or information which
is reported, or notified under the provisions of Article 4-2 or Article 6 .
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Protection of Credit Information Act, stating the purposes of use in writing,
to provide credit information (excluding specific
information on financial
transactions), as prescribed by Presidential Decree, if it is deemed necessary
for analysis of specific
financial transaction information.
(3) The Commissioner of the Korea Financial Intelligence Unit may require
the heads of financial institutions, etc., stating each
of the following matters
in writing, to provide information or data related to foreign exchange
transactions under the Foreign
Exchange Transactions Act, only if reported
or released information is deemed to meet requirements as referred to in
Article 4
(1) or (2), in analysing specific information on financial transactions.
1. Personal information of parties to a transaction;
2. The purposes of use; and
3. The details of required information or data related to financial transactions.
(4) Request or requisition of release of information
under paragraphs (1)
through (3) shall only be limited the minimum extent necessary.
Article 11 (Supervision or Examination of
Financial Institutions, etc.)
(1) The Commissioner of the Korea Financial Intelligence Unit may supervise
the duties of financial
institutions, etc., issue orders or directions necessary
for supervision, and have its public officials examine the duties of financial
institutions, etc, under Articles 4, 4-2, 5 and 5-2.
(2) If the Commissioner of the Korea Financial Intelligence Unit discovers
the violation of Act or any orders or directions under
the Act, as a result
of examination pursuant to paragraph (1), he/she may take necessary
measures, such as issuing orders of correction,
or requesting for discipline
against executives or employees related to such violation.
(3) The Commissioner of the Korea Financial
Intelligence Unit may entrust
the Governor of the Bank of Korea, the Governor of Financial Supervisory
Service under the Act on
the Establishment, etc. of Financial Services
Commission or others Prescribed by Presidential Decree, and have their
employees
perform examination pursuant to paragraph (1) and implement
measures pursuant to paragraph (2).
(4) Each person conducting an examination under paragraph (1) or (3) shall
ACT ON REPORT ON, AND THE USE OF SPECIFIC FINANCIAL
TRANSACTION INFORMATION
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carry identification indicating his/her authority, and display it to the person
of interest.
Article 12 (Relations to Other Acts and Subordinate Statutes)
(1) The provisions of Articles 4, 4-2, 6 through 8, and 10 shall have
priority
over Article 4 of the Act on Real Name Financial Transactions and Guarantee
of Secrecy, Article 23 and 27 of the Use and
Protection of Credit Information
Act, or Article 22 of the Foreign Exchange Transactions Act.
Any person falling under any of the following subparagraphs shall be
sentenced to five years or less in prison with prison labor,
or fined 30 million
won or less:
1. Any person who has abused his/her authority to access, or make copies
of relevant data kept by financial institutions, etc., or
has requested
the head of a financial institution, etc. to release information or data
related to financial transactions despite
he/she not fulfilling the
qualifications under Article 4 (5) or Article 10 (3); and
2. Any person who has, in violation of Article 9 (1), released or divulged
information or data of which he/she has become aware in
the course
of performing his/her duties or information received under Article 10,
or used it for purposes other than its original
purposes; or any person
who has requested for specific information on financial transactions or
information or data released under
Article 10, or has requested to use
it for purposes other than their original purposes.
Article 14 (Penal Provisions)
Any person falling under any of the following subparagraphs shall be
sentenced to one year or less in prison with prison labor,
or fined five million
won or less: 1. Any person who has made a false report pursuant to Article 4 (1) or
(2), or Article 4-2 (1) or (2); and
2. Any person who has violated Article 4 (6).
Article 15 (Sentence to Both Imprisonment and Fine)
Any person who has violated Article
13 and 14 may be sentenced to both
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imprisonment with prison labor and to a fine.
Article 16 (Joint Penal Provisions)
Where the representatives of a corporation, or the agents, employees or
other workers of a corporation or individual has violated
Article 4 against
the affairs of the corporation or individual, not only shall violators but also
the corporation or individual
also be fined pursuant to the same Article.
Article 17 (Fines for Negligence)
(1) Any person falling under any of the following subparagraphs shall be
fined ten million won or less:
1. Any person who has failed to make a report in violation of Article 4
(1) 1 and 2, or Article 4-2 (1) and (2);
2. Any person who has failed to respond to, refused, interfered with, or
avoided an order, direction or examination under Articles
11 (1) through
(3); and
3. Deleted.
(3) Any person who raises an objection against a fine under paragraph
(2) may appeal to the Commissioner of the Korea Financial
Intelligence
Unit within 30 days from the date the notification of such measure arrived.
(4) If any person upon whom a fine has
been imposed pursuant to paragraph
(2) raises an objection pursuant to paragraph (3), the Commissioner of the
Korea Financial Intelligence
Unit shall immediately notify the competent
court of such fact, and the competent court, upon receiving such notification,
shall
hold a hearing under the Non-Contentious Case Litigation Procedure
Act.
(5) If neither an objection is raised nor the fine for negligence paid within
such period prescribed in paragraph (3), the said
fine for negligence shall
be collected as dispositions on default of national taxes.
ADDENDA
(1) (Enforcement Decree) This Act shall enter into force two months after
the date of its promulgation.
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(2) (Applicability concerning the Scope of Information Requested by the
Commissioner of the Korea Financial Intelligence Unit) The
scope of
information or materials the Commissioner of the Korea Financial Intelligence
Unit may request the head of a financial
institution, etc. to submit under
Article 10 (3) 3 shall be limited only to information or materials related
to financial transactions
made after this Act enters into force.
(3) Omitted.
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation.
(Omitted.)
Articles 2 through 16 Omitted.
ADDENDA
(1) (Enforcement Decree) This Act shall enter into force on the date of its
promulgation: Provided, That the amended provisions
of Articles 4-2 and
5-2 shall enter into force one year after this Act enters into force.
(2) (Applicability concerning Report
on High-Value Cash Transactions) The
amended provisions of Articles 4-2 and 5-2 shall initially apply to the first
payment or receipt
of cash, etc.
(3) Omitted.
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force one year and six months after the date
of its promulgation. (Proviso Omitted.)
Articles 2 through 44 Omitted.
ADDENDA
Article 1 (Enforcement Decree)
This Act shall enter into force on the date of its promulgation: Provided,
That the amended provisions of Article 1, subparagraphs
1 (n), 2 (c), 3
(c) and 5 of Article 2, Article 3 (1) 4 and (2), Article 4 (1), (2) and the
part related to the financing of terrorism
from paragraph (6) 1. Article
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4-2 (1) 1, (3) and (4), Article 5, Article 5-2, Article 7 (1) and (2), Article
9 (1), and the part related to intermediaries from
Article 12 (2) shall
enter into force one year after the date of its promulgation.
Article 2 (Applicability to Money Laundering)
The amended provisions of subparagraph 4 (c) of Article 2 shall initially
apply to the first money laundering, referred to in the
said item, after
this Act enters into force.
Article 3 (Transitional Measures Concerning Fines for Negligence)
The former provisions shall apply to fines for negligence on misconduct
committed before this Act enters into force.
Article 4 (Transitional Measures Pursuant to the Capital Market and
Capital Market and Financial Investment Business Act)
(1) Transactions
made at the derivatives market as set forth in subparagraph
2 (b) of Article 2 under the Capital Market and Financial Business Act
shall be deemed futures trading under subparagraphs 1 and 2 of Article
3 of the Futures Trading Act, until February 4, 2009.
(2)
Korea Financial Investors' Association as set forth in Article 4-2 (3)
2 shall be deemed the Korea Securities Dealers Association
established
under Article 162 of the Securities and Exchange Act, until February 4,
2009.
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
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