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Korea’s Anti-Money Laundering and Counter-Terrorist Financing System Under Review

The Financial Action Task Force (FATF) and the Asia-Pacific Group on Money Laundering (APG) have completed a comprehensive review of Korea’s anti-money laundering and counter-terrorist financing (AML/CFT) system, highlighting both strengths and areas for improvement.

Sound Legal Framework, but Room for Improvement

According to the report released last week in Paris, Korea has a sound legal framework in place to combat money laundering and terrorist financing. However, it needs to do more to prevent government officials from laundering corrupt proceeds. The country’s continuous risk assessment process provides a good understanding of the risks it faces, with tax crimes, illegal gambling, fraud, and corruption being key areas of concern.

Progress Made, but Gaps Remain

Korea has made significant progress in stopping the spread of weapons of mass destruction and is aware of the proliferation financing risks it faces. However, gaps remain in its ability to freeze assets under United Nations sanctions. The country’s terrorist financing risks are currently low, thanks in part to a strong legal framework that needs only slight expansion to cover all tax crimes.

Recent High-Profile Corruption Cases Highlight Money Laundering Risk

Recent high-profile corruption cases have highlighted the significant money laundering risk posed by fraud and corruption, and the need for Korea to expand its AML/CFT measures to prevent politically exposed individuals from laundering corrupt proceeds. The country’s authorities are effective in cooperating with foreign counterparts through a range of mechanisms, but could do more to leverage international cooperation tools.

Financial Institutions and Casinos Need Improvement

Korean financial institutions and casinos generally have a good understanding of the money laundering and terrorist financing risks they face. However, the country needs to implement measures to prevent accountants, lawyers, real estate agents, and dealers in precious metals and stones from being misused for these purposes.

Law Enforcement Agencies Effective in Investigating Criminals

Law enforcement agencies make effective use of financial intelligence to investigate criminals and terrorists, and asset recovery is a government priority.

Strengthening the AML/CFT Framework

Since its last assessment in 2008, Korea has strengthened its AML/CFT framework, which is now delivering good results. However, the country needs to continue strengthening its framework to address tax crimes, non-financial businesses, and professions, as well as politically exposed individuals.

FATF Adoption of Report

The FATF adopted this report at its February plenary meeting.