A 2d official of bank ties spy agency to illicit cash

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A 2d official of bank ties spy agency to illicit cash

The special counsel looking into the Kim Dae-jung government’s transfer of money to North Korea on Saturday questioned Kim Kyung-rim, former president of Korea Exchange Bank, inquiring whether the National Intelligence Service was involved in sending $200 million to the North in June 2000.
Mr. Kim reportedly replied that the money transfer was made through an intelligence agency official and that the bank was unaware whether the money was related to Hyundai.
In February, Mr. Kim told a JoongAng Ilbo reporter that he had learned of the intelligence agency’s involvement only after the Board of Audit and Inspection released its audit report in January. He added that he had not been told in June 2000 about the money transfer.
“It is a custom not to ask where the money originated and where it is headed when the National Intelligence Service wires money to its overseas branches,” Mr. Kim said. “I could not even think of Hyundai sending that much money since the company was in deep liquidity trouble at the time.”
Mr. Kim also said that bank officials told him after the fact that while corporate clients need approval, government agencies can send money without filing any documents.
The special prosecution said it is focusing its investigation on the involvement of the intelligence service after both Mr. Kim and Baek Seong-gi, former foreign currency department head of Korea Exchange Bank, said the spy agency had been involved in the money transfer.


by Kang Joo-an
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