In Case of Providing Financial Information to Government, the Person Concerned Should Inform from July.

When Government requests financial information from financial agency, it should disclose name of the financial agency, which is requested the details, from July.

And forward business and the trust guarantee institutions also should carry out financial transactions in real name, following the law of using real name in finance.

The Ministry of Finance and Economy (MOFE) submitted the revised bill regarding financial bargain carried out in real name and security which contained the above, at first.

The revised bill will reveal name of bank which is the subject of the request if government wants to request provision of financial transaction, in order to prevent misuse of reference of transaction.

The financial agency that is requested provision of transaction information should inform the person concerned and the expenditure for notice like speed post (1590 won per person) should be borne by the government organization which requested information.

Besides, it included the trust guarantee foundations, which is operating in each 14 states and cities, and formed businesses which bargains future goods of financial markets like stocks and bonds at the finance agency to bargain in the real name.

Ju Hyung-hwan, Director of bank system in MOFE said“ we are told to inform government`s request in detail in order not to misuse inquiry of transaction, and expenditure for notice will be taken by requested organization following principle that beneficiaries should pay for part of the project”.

Financial agencies like banks should submit statistical data of financial transaction information to financial supervisor commission within one month after terminating every quarter and Financial Supervisory Service should submit it to Minister of MOFE within two months after termination of quarter.

In addition, in case the National Assembly requests the range of statistical date of financial transaction information, which minister of MOFE should report to the National Assembly, it would be provided with numbers and request by financial agency concerned and by industrial classification of financial agency.

Joong-Hyun Park sanjuck@donga.com