Economy12 August 1993

Real-Name Financial System

The Kim Young-sam government required by emergency decree that all financial transactions be made under real names.

On 12 August 1993 President Kim Young-sam introduced the real-name financial system by presidential emergency decree, banning transactions under false or borrowed names; a real-name system for real estate followed in 1995.

His government widened asset disclosure for public officials and dissolved the Hanahoe, a private faction within the army. Under the banner of "rectifying history" it demolished the former Government-General building and had former presidents Chun Doo-hwan and Roh Tae-woo arrested and tried over 12 December and 18 May. South Korea joined the OECD in 1996.

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States and rulers at the time: South Korea — President Kim Young-sam

People

Kim Young-sam1927 – 2015
leader · 14th President (1993–1998). Introduced the real-name financial system and full local autonomy; the 1997 currency crisis came at the end of his term
Chun Doo-hwan1931 – 2021
related figure · 11th–12th President (1980–1988), leading figure of the new military group that seized control in the December 12 incident; tried in 1996 over 12 December and 18 May
Roh Tae-woo1932 – 2021
related figure · 13th President (1988–1993). Announced the June 29 Declaration, became the first president directly elected under the 1987 constitution, and pursued Nordpolitik

Before and after

Earlier: 1991 Inter-Korean Basic Agreement
Later: 1994 National Community Unification Formula