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Koreans Banned from Using Credit Cards at Casinos

16 March 2005

SOUTH KOREA – As reported by the Korea Times: "Koreans will be prohibited from using credit cards in overseas casinos from next week, the Financial Supervisory Service (FSS) said.

"`We will not tolerate any credit card use for gambling abroad. As gambling is unlawful in Korea, we are going to apply that same no-tolerance policy overseas,' Park Chang-sup, FSS director of the loan business supervision office.

"Settling debts incurred from cyber-gambling with credit cards will also be banned, it said.

"The move by the FSS comes as an increasing number of Koreans are using credit cards gambling at casinos in Asian countries such as the Philippines. The measure is geared to stem the sharp rise in overseas gambling and curb capital from moving out of the country.

"The total amount of money spent on gambling decreased to 7.1 billion won, or $7.1 million, last year from 8.64 billion won the previous year…"

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