Anti Money Laundry and Financial Intelligence Unit (2)

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Following the previous post introducing ‘Financial Intelligence Unit (FIU)’ at FSC, this post is another one related to anti money laundry. ‘The Annual Anti Money Laundry Report: 2011’ was published by FIU this month in October. You might think ‘2011’ is typo, but it isn’t! It is because the report is based on works done  in the previous year, considering that this year’s work is yet to finish. In other words, ‘The Annual Anti Money Laundry Report: 2012’ will come out this time in the next year.

 

 

This year’s report appears to be an extra-special publication, compared to the previous reports. Why? Year 2011 means that FIU has been working for ‘a decade’ since 2001. A decade has a special meaning by itself, as we commonly celebrate it. However, it is not a mere celebration of ten years of existence. Rather, we should be reminded of the achievements by FIU and the ways forwards.

 

First of all, during the last ten years, FIU has positioned itself as an organization equipped with the system compatible with international standard. It is clearly shown from FIU’s membership of Financial Action Task Force (FATF) since 2009.

 

At the time of FIU’s establishment, anti money laundry was an issue neither attracting lots of attention in our society, nor being closely studied. However, these days, money laundering measures are one of the important parts of system and culture in financial and legal sector.

 

This enhanced understanding and acknowledgement of anti money laundry could be possible through information provided by FIU. FIU considers that it is important to pursue both quantitative accumulation and qualitative analysis of information.

 

As well as its domestic position in Korea, FIU is being recognized as an entity working towards the better of international finance. One of the efforts is FIU’s cooperation with the UN and WB. FIU is supporting and educating other countries with underdeveloped financial system, for example, Mongol, Nepal and Bangladesh. By making such contribution to international society, FIU seeks not only domestic but also world-wide improvement in financial system.

 

So, now you have got to know what and how FIU is working for. In the next post, I will tell you the more details of its work, the particulars in the Annual Report 2011.

 

Regards,
Frank

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