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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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 Posted: Thu Nov 06, 2008 5:10 am Post subject: Illegal Arab Money Laundering/Transfer Ring Caught |
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http://www.koreatimes.co.kr/www/news/nation/2008/11/117_33987.html
And some people on here scoffed at me when I suggest that a number of the law-biding moslems in town have terrorist connections.
As far as the illegal money transfer ring, it's interesting to see how people are getting around the difficult Korean banks.
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By Bae Ji-sook
Staff Reporter
Police arrested five people Thursday on suspicions of illegal foreign exchange transactions with cash worth 100 billion won, including $50,000 allegedly invovling Taliban in Afghanistan.
According to the National Police Agency, an unidentified Pakistani operated a paper company in Korea and has sent 48 billion won to his country since Nov. 2005. He then disguised the money as funds for ordinary merchandise trades and withdrew it in Pakistan, which gave him illegal exchange gains. Since the deal did not involve proper banks, his crimes were undetected for a long time, police said.
Police said Taliban sent $50,000 to Korea to buy acetic anhydride ― used for heroine production ― last July. The material was found just before it was to be shipped.
Police have apprehended 53 people and contacted Interpol and several other international investigative bodies to search for other members.
The ring of illegal foreign exchange transactions used the hawala ― ``trust'' in Arabic ― system, an informal network of money brokers primarily located in the Middle East, Africa and Asia.
The network does not require users to provide cumbersome documents but guarantees confidentiality, attracting many seeking illegal cross-border currency transactions. It allows users hand over currency in one country to a broker and withdraw it in another currency in a third country, allowing money laundering, police said. Such transactions are illegal without correct documentation.
Police suspect 140 local dealers have ``frequently'' brokered these transactions.
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Xuanzang
Joined: 10 Apr 2007
Location: Sadang
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| Posted: Thu Nov 06, 2008 6:01 am Post subject: |
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| Now they`ll make it even harder for us law abiding teacher foreigners..just watch. |
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Bibbitybop
Joined: 22 Feb 2006
Location: Seoul
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| Posted: Thu Nov 06, 2008 6:25 am Post subject: |
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| Xuanzang wrote: |
| Now they`ll make it even harder for us law abiding teacher foreigners..just watch. |
Actually, Korea has a very good intelligence system when it comes to terrorism or organized crime. Too bad they can't apply the same intelligence to immigration law or tourism, right?
Korea knows foreign investments are waaaaay low. Any and all banking difficulties for investors or foreigners dealing with Korean banks will sink them even lower. Korea can keep blaming foreigner media, but a few Korean media outlets are preaching the real truth: Korea's anti-foreigner reputation is killing its economy. |
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