Someone Tries Laundering Money—Literally

South Korean loses 'considerable' sum after washing-machine debacle
By Newser Editors and Wire Services
Posted Aug 2, 2020 2:40 PM CDT
Bad Idea: Washing Money Over COVID-19 Fears
This undated photo provided by the Bank of Korea on Friday, July 31, 2020, shows damaged banknotes by being heated up in a microwave in South Korea.   (Bank of Korea via AP)

Money laundering is not a good idea, as a South Korean found out when he or she put banknotes in a washing machine to remove possible traces of the coronavirus, the AP reports. Officials say the loss was considerable. The person living in Ansan city, near Seoul, placed an unspecified amount of 50,000-won ($42) bills in a washing machine earlier this year. Some of the money was seriously damaged, and the person reached out to the Bank of Korea to find whether it could be exchanged for new bills. Under bank rules on the exchange of damaged, mutilated, and contaminated banknotes, the person was provided with the new currency totaling about 23 million won ($19,320), the Bank of Korea said in a statement.

Bank official Seo Jee Woun said the number of 50,000-won bills the bank exchanged at half value was 507. She said the bank doesn't count the number of bills that it cannot exchange because damage is too big. She said bank officials didn't know exactly how much money the person tried to wash. She said the loss would still be "considerable." How much the central bank should exchange in a situation like this depends on how seriously banknotes are damaged. The bank can provide the new currency at face value if damage is minimal, but at half value or not at all if damage is significant. The amount in question was condolence money given by relatives, friends, and others during a family funeral, according to the bank.

(More money stories.)

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