Stricter Money Laundering Prevention Law Urged to Eliminate Corruption

Korea Times (Seoul, Korea), April 25, 2001 | Go to article overview

Stricter Money Laundering Prevention Law Urged to Eliminate Corruption


Lawmakers of both ruling and opposition parties have come under fire for making too many compromises over the draft of a money laundering prevention law designed to stamp out rampant corruption among politicians.

An anticorruption coalition of 38 civic groups yesterday criticized that lawmakers of the ruling Millennium Democratic Party (MDP) and the main opposition Grand National Party (GNP) have collaborated in their efforts to give politicians legal loopholes enabling them to raise slush funds.

The criticism came one day after the lawmakers agreed not allow the envisaged Financial Information Unit (FIU) to trace the bank accounts of those accused of illegally raising political funds or laundering money in criminal cases.

The coalition urged lawmakers to provide the FIU with the right to tack down the bank accounts of those suspected of money laundering.

``By depriving the FIU of the right to trace bank accounts, legislators are desperately trying to undermine the spirit and purpose of the money laundering prevention law,'' said a representative of the People's Solidarity for Participatory Democracy (PSPD), which leads the anticorruption coalition. …

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Stricter Money Laundering Prevention Law Urged to Eliminate Corruption
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