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Korea's real name financial system in the past two decades and tasks ahead

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Frame of Image ry, and it also helped to improve distribution of wealth by enabling comprehensive financial income taxation. However, there has been a growing demand to revise the mechanism, fueled by the public woes over the slush fund scandals of politicians and businessmen using accounts under others’ names. Several proposal have been submitted at the National Assembly to thoroughly ban all financial transactions under borrowed or lent names and apply criminal sanctions in case of violation. This paper intends to discuss recent proposals and to suggest policy guidance with a focus on an incentive scheme rather than the proposed criminal sanctions.
1. What is a Borrowed Name Transaction?
A financial transaction under a borrowed name indicates a case whereby the name that appears on the official transaction record is different from one that actually provides the fund. Its types vary by the condition of an agreement between the two parties: an official accountholder and a fund provider, between an official accountholder and a financial institution, and between a fund provider and a financial institution. A financial institution is subject to administrative penalty
1) This is a summary of the paper appeared at「KIF Weekly Financial Brief Vol.13-35」
62
Table Ⅲ.9 Between the Two Parties: Accountholder and Fund Provider
Accountholder (1) (2) (3) (4) Good will Good will Bad will Bad will Fund Provider Good will Bad will Good will Bad will
in case it fails to fully fulfill the obligation of verify


Full Text
Title Korea's real name financial system in the past two decades and tasks ahead
Similar Titles
Material Type Reports
Author(English)

Kim, Jabonn

Publisher

Korea Institute of Finance

Date 2013-10
Series Title; No Korean Economic and Financial Review
Pages 6
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Economy < Economic Administration
Holding Korea Institute of Finance