black economy Archives | Be Korea-savvy

Luxury Goods Used to Conceal Slush Funds, Succeed Wealth

SEOUL, Korea, July 30 (Korea Bizwire) – One of the main jobs of the official task force in charge of collecting the overdue payment from former Korean President Chun Doo-whan is verifying the authenticity and appraising the value of confiscated art pieces. This is not new as various high-end commodities such as art, supercars, and [...]

“Rise of Cash Economy a Danger Sign”…LG Economic Research Inst.

SEOUL, Korea, July 22 (Korea Bizwire) – Recently there are signs that the Korean economy has become more and more cash based. In a so-called cash economy, most transactions are made in cash instead of credit cards or bank balance transfers. As more people hold cash as a means of payment, the economy needs more [...]