FSC Chairman Shin Je-Yoon was elected as the succeeding President of the Financial Action Task Force on Money Laundering(FATF). The FATF has appointed Korea as the 27th chair country in February. Chairman Shin will serve as the president starting from July, 2015 to 2016 after completing his duties as vice president prior to the presidency. President of the FATF will be given authorities to convene and chair the meetings of the FATF Plenary and the Steering Group, oversee the secretariat, and approve issues related to the organization.
Appointment as FATF chair country represents Korea’s significant stature in the field of money laundering prevention and implies that Korea stands shoulder-to-shoulder with major advances nations such as the US and Europe. Moreover, Korea will have a greater say when enacting or revising international standards.
During the meeting of the FATF Plenary held in Paris, France on June 25, Chairman Shin willingly accepted the presidency promising that Korea will faithfully fulfill all responsibilities based on vast experiences in finance and international cooperation. He added that the FATF under the Korean presidency will thrive to eradicate acts of crime and terrorism in the global community.
The FATF is an inter-governmental body aiming to combat money laundering, terrorist financing, and other related threats to the global financial system. The FATF, established in 1989, comprises of 36 member countries including the US, UK, Canada, France, Germany, and Australia.