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🇰🇷 South Korea /Crime & Justice

26 Foreign Nationals Arrested in South Korea for Laundering $6 Million in Criminal Proceeds

From Hankyoreh · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Sources not specified Outcome reported
  • South Korean police arrested 26 foreign nationals, including marriage immigrants and international students, for laundering approximately 8.5 billion won (US$6.1 million) in criminal proceeds.
  • The suspects allegedly received illicit funds into their accounts and then re-transferred or sent them overseas through 905 transactions between September and October 2024.
  • Police are investigating the higher-level organizers of the crime and warned against participating in such money laundering schemes, which can lead to severe penalties.

South Korean police have apprehended 26 foreign nationals, primarily marriage immigrants and international students, for their alleged involvement in laundering approximately 8.5 billion won (US$6.1 million) in criminal proceeds. The arrests were made by the Jeonbuk Provincial Police Agency on charges of violating the Act on the Regulation and Punishment of Criminal Proceeds Concealment.

Authorities stated that between September and October 2024, the suspects received illicit funds from various criminal organizations, including those involved in voice phishing and investment scams. These funds were then allegedly transferred through their own bank accounts before being re-transferred or sent overseas. The operation involved 905 separate transactions.

Sending money on behalf of someone else or lending your bank account can be punished as a money laundering crime.

— Police OfficialWarning about the legal consequences of participating in money laundering schemes.

Police initiated the investigation after receiving intelligence about a growing trend of "overseas remittance part-time jobs" circulating among marriage immigrants and international students. The suspects were reportedly enticed by offers of a 10% commission on the amounts they helped transfer. Some individuals actively recruited others within their communities to participate in the scheme to earn higher fees.

While four key suspects involved in organizing and actively participating in the money laundering have been detained, police are continuing their investigation into the higher-level figures who directed the operation. Police officials issued a stern warning, emphasizing that acting as an intermediary for untraceable funds or lending out bank accounts can lead to severe legal consequences, including potential deportation for foreign nationals. They urged anyone receiving suspicious offers to contact the foreigner support center or the police.

This can also lead to the refusal of visa extensions or forced deportation, so you should not respond even if you receive similar offers.

— Police OfficialFurther explaining the severe penalties for foreign nationals involved in such activities.
DistantNews Editorial

Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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