Oops! Money-Laundering Bill Back Up for Grabs

Backing down in the face of strong protest from civic groups, the government and its own party ranks, the ruling coalition said Tuesday that it will renegotiate a money-laundering bill to give the power to trace financial accounts to a proposed investigative body.

"From the public and media response, it seems that we were hasty in hammering out the bill," said Rep. Lee Sang-soo, floor leader of the Millennium Democratic Party. "We will take the bill to the opposition Grand National Party, after consulting with our coalition partners for renegotiations."

At issue is whether to give the Financial Intelligence Unit, a proposed agency that would fall under the Ministry of Finance and Economy, the power to trace financial accounts in the course of its investigations of possible illegal political funds, criminal proceeds and money being hidden from the tax collector.

On Monday, lawmakers put forth a supposedly final version of the bill, establishing the new investigative unit, but minus the tracking power. Critics said that without such authority, the agency would be toothless.

The outlook for negotiations with the opposition party remain dubious. The opposition has expressed concern that scrutiny of financial accounts can easily be misused to oppress opposition politicians.

In other legislative news, the coalition put off passage of the Maternity Protection Act for the next two years. The bill, which would extend maternity leave from the current 60 days to 90 days, is at the center of gridlock between business interests that oppose the law and women's groups that advocate it.

by Lee Yang-soo