The South Korea Financial Services Commission reported that the National Assembly passed legislation allowing reduced or waived sentences for voice phishing participants who help establish the crimes of other people involved in related cases. The regime is intended to encourage insiders to provide statements, testimony, tips or evidence that can help investigators identify and apprehend senior members of increasingly organized and cross-border criminal networks. The provisions cover telecommunications financial fraud and related offenses involving the concealment, receipt or handling of criminal proceeds, as well as certain failures by financial company employees to report criminal conduct. The amendment is expected to go before the Cabinet in September 2026 and will take effect immediately upon promulgation, including for cases under investigation or trial at that time.
2026-08-20South Korea Financial Services Commission
South Korea Financial Services Commission reports passage of leniency regime for cooperating voice phishing insiders
The South Korea Financial Services Commission reported that lawmakers passed a leniency regime for voice phishing insiders who help establish related crimes committed by others. Sentence reductions or exemptions will apply to specified fraud and criminal proceeds offenses, including cases already under investigation or trial when the amendment takes effect upon promulgation.