Money Transferred to Tax Havens in Excess of $1 Tril. between 2000 and 2012...Congressman

SEOUL, KOREA- For the past 13 years, the cumulative amount of money flowing out of Korea in the form of wire transfers to tax havens has been in excess of US$1 trillion. National Assemblyman Park Wonsuk (Justice Party) revealed this on October 15 based on data submitted by the Bank of Korea. According to his revelation, the volume of money transferred out to 50 tax havens as designated by the Organization for Economic Cooperation and Development has been $1,026.5 billion between 2000 and 2012.

The amount remained small in 2000 at $5.6 billion, but snowballed to $13.9 billion in the next year and surpassed the $100-billion level in 2010. Last year, the amount reached $158.7 billion. By destination, Singapore took the largest portion at $782.0 billion, followed by Belgium ($72.7 billion), Switzerland ($56.3 billion), Malaysia ($38.2 billion), the Philippines ($15.8 billion), and Luxembourg ($14.5 billion).

The number of those who wired money to these tax havens has also increased for the last 13 years, the congressman said. The number of people who send money to the British Virgin Islands was over 10 every year since 2010 from none in 2000. Lichtenstein also saw the number of Korean money transferers rise to 34 in 2012 from a single-digit figure until 2004.

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