Political Circles’ Selfish Money Laundering Prevention Law Drifting

As the Grand National Party (GNP) has changed its position on the proposed bill, wanting to include the political funds without allowing the FIU the right to track down bank accounts, the discussion on the money laundering prevention law went back to the starting point. The GNP, at the party’s presidential meeting presided by the leader Lee Hoi-Chang, reversed the ruling-opposition parties’ agreement made on Monday, which excluded the political funds from the money laundering prevention law and allowed the FIU the right to track down bank accounts. Instead, the GNP agreed to reduce the role of the FIU to the extent that the FIU has to report to the Election Administration Committee (EAC) the content of the financial transaction in relation to the political funds and the EAC has to notify it to a corresponding politician. Spokesperson Kwon Chul-Hyun said that ``we included the political funds under the command of president Lee this March. If we exclude it now, would it be convincing? For the case of the FIU, we decided not to allow the FIU the right to track down bank account because of the potential for abused.``

However, the Millennium Democratic Party (MDP) members opposed to this at the nine-member subcommittee, saying that ``if we do not allow the FIU the right to track down bank accounts, the purpose to legislate the money laundering prevention law is defeated since the function of the FIU is diminished.`` The MDP insisted that ``the FIU should be able to track down at least bank accounts suspected of laundering of funds along with the related accounts. To enable the FIU to function properly is more important than to exclude the political funds.`` The MDP floor leader Lee Sang-Soo said that ``we will continue to negotiate with the opposition party to pass the bill in the National Assembly on 28th.`` However, it is unclear whether the bill can be passed in the special session of the National Assembly in June since the nine-member subcommittee and other committees on the money laundering prevention law have been dispelled. It is also anticipated that the civic organizations will vehemently oppose to the bill since the bill, which has been perceived as the representative reform legislation, is drifting along with the political interests.

Song In-Soo issong@donga.com