Case overview
The client operated a currency exchange and was facing business challenges due to the COVID-19 pandemic.
In this situation, the client conducted a number of foreign currency transactions without registering with the Minister of Strategy and Finance, which led to a suspicion of violating the Foreign Exchange Transaction Act. In particular, the investigative agency confirmed the client's transaction details during the crackdown on illegal foreign exchange transactions and charged him with illegal remittance of hundreds of millions of won. In response, the client turned to Ongang Law Firm.
Case issues
The key issues in this case were whether the client's conduct was a simple subsistence offense or whether he was engaged in money laundering for a serious crime, such as voice phishing. Also important issues were whether the client was aware of his registration obligations under the Foreign Exchange Act, the degree of willfulness of the offense, and the amount of benefit obtained.
Assistance from the warm river
Our lawyers first thoroughly understood the client's motives and circumstances of the crime. We thoroughly gathered relevant evidence to prove that the crimes were committed out of necessity to make a living amidst the business difficulties caused by COVID-19.
In particular, we clarified that the client only collected a small fee of 1-2 million won per case, that it was not related to a serious crime such as voice phishing, that the client lacked understanding of the law after naturalizing in Korea, that it was a first-time offender, and that the client admitted to the crime and was deeply remorseful.
Furthermore, we focused on demonstrating that the client had already closed the money changer, was conducting normal business, and was not at risk of reoffending.
Results
The court accepted the defense of Ong Kang Law Firm, considering the client's motives and circumstances of the crime, his attitude after the crime, and his efforts to prevent recidivism. 7 million wonwhich is a very positive result compared to similar cases.
Case outcome materials
