South Korea Tightens Capital Flow Checks to Catch Tax Dodgers
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South Korea is strengthening supervision of foreign exchange transactions as President Park Geun Hye broadens her country’s part in a global crackdown against tax evasion.
The Financial Supervisory Service and Korea Customs Service will have enhanced rights to investigate cross-border transactions at companies, the Finance Ministry said in an e-mailed statement today. Failure to report details of funds wired, assets acquired or the annual balance in investments may be subject to fines, the statement said.