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Photo = Yonhap news |
[Alpha Biz= Paul Lee] North Korea has been maintained on the Financial Action Task Force (FATF)'s blacklist for money laundering and terrorism financing risks for the 15th consecutive year.
According to the Financial Services Commission (FSC), during the 34th FATF Plenary Session held from February 17 to 21 at the OECD headquarters in Paris, North Korea, Iran, and Myanmar were designated as high-risk countries that require action, maintaining their position on the blacklist. North Korea has been on this list since 2011.
North Korea and Iran are classified as countries requiring countermeasures, while Myanmar is under heightened scrutiny for customer verification. Myanmar was recognized for its ongoing efforts to meet compliance standards since the June 2022 FATF meeting.
Additionally, 25 countries have been placed on the grey list (countries under enhanced monitoring), including Bulgaria, Burkina Faso, Cameroon, Croatia, Democratic Republic of Congo, Haiti, Kenya, Mali, Monaco, Mozambique, Namibia, Nigeria, South Africa, South Sudan, Syria, Tanzania, Venezuela, Vietnam, Yemen, Algeria, Angola, Ivory Coast, Lebanon, with Laos and Nepal added. These countries will undergo enhanced due diligence (EDD) for financial transactions.
The Philippines was removed from the grey list after demonstrating progress in meeting FATF’s compliance standards, with other Asia-Pacific countries, including South Korea, congratulating the Philippines on its efforts.
FATF, established in 1989 under the OECD, aims to combat money laundering and the financing of terrorism and weapons of mass destruction. Every year, FATF evaluates the compliance of about 10 countries and publishes its findings. The South Korean delegation, led by Yoon Young-eun, Director of Financial Intelligence Unit (FIU), was present at this plenary meeting. The delegation included representatives from the Ministry of Justice, Ministry of Foreign Affairs, Financial Supervisory Service (FSS), and Financial Research Institute.
AlphaBIZ Paul Lee(hoondork1977@alphabiz.co.kr)
