From 3rd to 5th of December, the FSC’s Financial Intelligence Unit (FIU) held ‘FATF Standards Workshop for APG members in the North East Asia Sub-region.’ Well, before you are lost by all these abbreviations, I will explain them first. FATF stands for Financial Action Task Force, which is an international organization working for anti money laundry. FATF establishes relevant financial regulations and supervise member countries’ financial system. Korea was registered as a member in 2009. APG stands for Asia Pacific Group on Money Laundering, a regional entity working in cooperation with FATF.
Korea, as having hosted the previous one ‘FATF-APG Joint International Conference for Anti Money Laundry’ in Busan, held this year’s workshop in Seoul. As a host country for consecutive international events, Korea positions itself as one of the countries with anti money laundry expertise. Within the North Asia, Korea is actually the advanced country in terms of its anti money laundry system and supervision. So, during this workshop, Korea provided Mongolian FIU officers with a special session to share experiences and knowledge about anti money laundering measures. As well as this special session, Korea will continue to work on Knowledge Sharing Program (KSP), to execute its role as a leading country in the area of anti money laundry.
This year’s workshop was held upon request by APG, as there are newly introduced recommendations by FATF. New recommendations include; 1) financial regulation governing Weapons of Mass Destruction (WMD), 2) enhanced customer due diligence for Politically Exposed Person (PEP), and 3) implementation of Risk Based Approach (RBA). These new measures complement the existing FATF recommendations with regard to anti money laundry. For the next post, I will let you know each of them in more detail.
The workshop was successfully wrapped up, after having had a series of presentations by professionals and discussions about an effective implementation of anti money laundering measures. FIU, as a representative of Korea, presented ‘background information about how to become a country with effective implementation of regulation and supervision. With a successful closing of this year’s workshop, FIU is seeking further advancement in its system.
For those of you wanting to know more about those new recommendations outlined above, please wait for the follow-up post! I will be back shortly.