[Photo] S. Koreans send US$760.2 billion to offshore accounts in last 5 years

The amount of South Korean money funneled to offshore accounts to avoid taxes over the past five years is near US$760.2 billion. According to data released by the Bank of Korea (BOK), the amount of South Koreans sent US$760.2 billion overseas for tax evasion purposes between 2014 and 2018. During the same period, around US$504.5 billion was funneled back into South Korea from offshore accounts. Corporate conglomerates and financial institutions accounted for over 80% of these remittances (US$313.7 billion); the rest was accounted for by small and medium-sized enterprises, public companies, and individuals. The photo shows a beach front on the Cayman Islands, a popular tax haven. (Hankyoreh archives)