Anti Money Laundry and Financial Intelligence Unit (6)

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 FIU in International Society

As well as its domestic investigation in Korea, FIU is working internationally. As mentioned before, FIU is a member of FAFT, while cooperating with the WB and UN. However, more than a membership to an international organization, FIU plays its part in international society by undertaking concrete actions.

One of them is technical support for underdeveloped countries. FAFT, for more effective operation, takes a regional approach. Following this approach, FIU is a part of Asia-Pacific Group on Money Laundering (APG).

 

 

Being well known for its excellence in money laundering measures, FIU was asked by APG to further expand its influence over Asia-Pacific region. For this ends, APG assigned FIU’s anti laundering measures as a model to be followed by Mongolian financial system. Responding to APG’s request, FIU on the basis of its previous information and experiences advised Mongolian financial system, and supported other underdeveloped countries.

As commonly recognized, ‘one-size-fits-all’ policy does not really work. This is one of the issues receiving lots of criticisms, when it comes to international society. Keeping this concern in mind, FIU provides support which is well-customized for each country’s particulars. Hence, FIU’s support is able to reflect demand of a support-receiving country, with consideration for a certain financial infrastructure.

In this way, FIU has been supporting ten countries in Asia-Pacific region, including Mongol, Nepal, and Vietnam. What FIU has done is not merely telling useful tips about anti laundering measure, but covering more in-depth measures through policy consultation, IT support, and comprehensive education and training.

Since we are living in international society, we should admit that we are very much exposed to external factors and inter-state connections. Then, why not money laundering activities? Illegal money flows can move from one state to another, hiding from regulatory frameworks. That is why we need cooperation and support between countries to build an international system as a whole against money laundering measures. FIU is taking its step now, representing Korea’s advancement in finance!

 

Regards,
Frank

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