Financial Intelligence Unit Attends International Anti-Money Laundering Organization General Assembly

Financial Services Commission

The Financial Action Task Force (FATF) has newly added Bulgaria, which has been insufficient in implementing international standards for anti-money laundering and counter-terrorist financing, to the "Gray List" (enhanced monitoring countries). Additionally, it approved holding the International Cooperation Review Group (ICRG) examiners' group training in Busan.

The Financial Intelligence Unit (FIU) under the Financial Services Commission announced on the 29th that it attended the 33rd 4th plenary session of the FATF held at the OECD headquarters in Paris, France, where it discussed sanction measures against countries not complying with international standards.

Member countries revised international standards related to non-profit organizations (NPOs) to clarify measures for these organizations to prevent their misuse for terrorist financing. Furthermore, FATF amended related international standards for its strategic priority of "effective asset recovery for victims of money laundering and terrorist financing crimes" (including freezing and confiscation of criminal proceeds).

FATF maintained Iran and North Korea as "high-risk jurisdictions subject to countermeasures," and Myanmar as a "high-risk jurisdiction subject to enhanced customer due diligence." Meanwhile, Albania, Jordan, the Cayman Islands, and Panama were removed from the list of monitored countries.

Meanwhile, regarding the request from FIU Director Lee Yoon-su to diversify the programs of the Busan TRAIN, an educational institution of FATF, the plenary session approved holding the ICRG examiners' group training at Busan TRAIN in the second half of next year.

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