Chapter 429
President Heo Chang-min spoke again at a meeting of senior secretaries at the Blue House.
"The act of some corporations and wealthy individuals illegally hiding assets overseas to evade taxes is a representative anti-social act that harms the fairness and justice of our society. To eradicate this, I ask the relevant agencies, including the National Tax Service, the Korea Customs Service, and the Prosecutors' Office, to establish a joint investigation team and devise a plan for cooperation, from tracking and punishment to the recovery of criminal proceeds. Only when we establish the principles of taxation and all citizens become equal before the law can we say we have created a Republic of Korea where justice flows like a river."
At the president's words, the Blue House moved, and in response to the Blue House's movement, the ruling party and various agencies reacted. Immediately, working-level officials from the prosecution, the National Tax Service, and the Customs Service met to form a joint investigation team, which was also joined by the Financial Intelligence Unit and the Financial Supervisory Service.
The plan was to meticulously analyze voluntarily reported details and overseas remittance transactions collected from each agency to uncover tax evasion and money laundering.
In effect, an all-out pressure campaign was being waged on the issue of offshore tax evasion.
Among the chaebols, more than ten individuals whose names were mentioned had suspicions raised against them. If they had merely hidden assets or income under borrowed names, it would end with tax evasion, but if they had siphoned off company funds, charges of embezzlement and breach of trust would be added.
There might have been a backlash, but after Chairman Im Jin-yong's arrest, the business world was in an atmosphere of walking on thin ice, so no one could say a word.
It was like saying, "Let he who is without sin among you cast the first stone," but everyone had committed so many sins that they had no choice but to remain silent.
It's unfortunate, but this is the reality of Korea's chaebols.