(1) The Minister of Economy and Finance may determine necessary matters such as procedures for money exchange, remittance and transference of property in connection to payments or receipts subject to application of this Act.
(2) Where it is deemed to fall under any of the following subparagraphs, the Minister of Economy and Finance may require residents and nonresidents who intend to make payment from Korea to a foreign country, or residents who intend to make payment to non-residents or to receive payment from non-residents, obtain permission as prescribed by Presidential Decree when they pay or receive as such:
1. Where it is inevitable for the faithful fulfillment of treaties concluded by the Republic of Korea, and of generally recognized international laws and regulations;
2. Where it is necessary for especially contributing to international endeavor for the maintenance of international peace and security.[This Article Wholly Amended on Jan. 30, 2009]