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  • Partial Amendment to the Foreign Exchange Transactions Act
    • Competent Ministry : Ministry of Economy and Finance
    • Advance Publication of Legislation : 2022-07-19
    • Opinion Submission Deadline : 2022-08-02
Reasons for Proposal

Reasons for Proposal

The current Act stipulates that, if necessary, permission must be obtained for transactions or payment/receipt between the Republic of Korea (ROK) and foreign countries to contribute to the faithful performance of treaties concluded by the ROK and generally accepted international laws and international efforts to maintain international peace and security.

Meanwhile, with the recent instability seen in the international situation, the number of serious human rights violations is also increasing rapidly, including genocide, crimes against humanity, and war crimes caused by military confrontation between countries, refugees, etc. 

Therefore, this amendment aims to specify “in cases of responding to serious human rights violations, including genocide, crimes against humanity, and war crimes” as one of the requirements for permission during the payment process in the Act (Article 15 (2) 2).

Major Provisions

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