Korea Soars to Top Tier: Global Watchdog Upgrades Nation’s Anti-Money Laundering Status

At the annual general meeting held at the headquarters of the Organization for Economic Co-operation and Development in Paris, France from the 21st to the 25th, the FATF decided to raise Korea’s evaluation score of its implementation of international anti-money laundering standards or strengthening country follow-up inspection to a regular follow-up inspection country, the Financial Services Commission said this was published by the Financial Intelligence Unit under the Financial Intelligence Unit.

Korea’s Financial Intelligence Unit said this was the highest level of evaluation, and that it had been recognized as a model country by the international community 23 years after the introduction of the anti-money laundering system in 2001 through the Information Act Specific Financial and Control of Concealment of Proceeds of Crime Act.

FATF establishes international standards to respond to money laundering and terrorist financing, evaluates each country’s level of joint action, and classifies countries into regular follow-up inspections, stronger follow-up inspections, and sanctions.

North Korea, Iran, and Myanmar were selected as high-risk countries with serious deficits that require action.

Among these, North Korea and Iran maintained their status as countries requiring countermeasures, and Myanmar maintained its status as a country requiring stronger customer confirmation, North Korea has been classified as a high-risk country for 14 consecutive years since 2011.

YTN Choi Doo-hee (dh0226@ytn.co.kr)

※ ‘Your report becomes news’
[카카오톡] Search YTN and add a channel
[전화] 02-398-8585
[메일] social@ytn.co.kr

[저작권자(c) YTN 무단전재, 재배포 및 AI 데이터 활용 금지]