Korea

Korea's measures to combat money laundering and terrorist financing

16 Apr 2020

Since its last assessment in 2008, Korea has significantly strengthened its AML/CFT framework which is now delivering good results. The country needs to strengthen its AML/CFT framework to address tax crimes, non-financial businesses and professions and politically exposed persons.

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Korea Mutual Evaluation 2020

R.1 - Assessing risk & applying risk-based approach: LC
R.2 - National cooperation and coordination: LC
R.3 - Money laundering offence: LC
R.4 - Confiscation and provisional measures: C
R.5 - Terrorist financing offence: LC
R.6 - Targeted financial sanctions related to terrorism & terrorist financing: PC
R.7 - Targeted financial sanctions related to proliferation: PC
R.8 - Non-profit organisations: PC
R.9 - Financial institution secrecy laws: LC
R.10 - Customer due diligence: LC
R.11 - Record keeping: C
R.12 - Politically exposed persons: PC
R.13 - Correspondent banking: C
R.14 - Money or value transfer services: C
R.15 - New technologies: C
R.16 - Wire transfers: LC
R.17 - Reliance on third parties: C
R.18 - Internal controls and foreign branches and subsidiaries: LC
R.19 - Higher-risk countries: LC
R.20 - Reporting of suspicious transactions: C
R.21 - Tipping-off and confidentiality: C
R.22 - DNFBPs: Customer due diligence: PC
R.23 - DNFBPs: Other measures: PC
R.24 - Transparency and beneficial ownership of legal persons: PC
R.25 - Transparency and beneficial ownership of legal arrangements: LC
R.26 - Regulation and supervision of financial institutions: LC
R.27 - Powers of supervisors: C
R.28 - Regulation and supervision of DNFBPs: PC
R.29 - Financial intelligence units: C
R.30 - Responsibilities of law enforcement and investigative authorities: C
R.31 - Powers of law enforcement and investigative authorities: LC
R.32 - Cash couriers: LC
R.33 - Statistics: C
R.34 - Guidance and feedback: LC
R.35- Sanctions: LC
R.36 - International instruments: LC
R.37 - Mutual legal assistance: LC
R.38 - Mutual legal assistance: freezing and confiscation: C
R.39 - Extradition: LC
R.40 - Other forms of international cooperation: LC

C = compliant | LC = largely compliant | PC = partially compliant | NC = non-compliant

Australia's measures to combat money laundering and terrorist financing

21 Apr 2015

This report provides a summary of the anti-money laundering (AML) /counter-terrorist financing (CFT) measures in place in Australia as at the date of the on-site visit (30 July - 12 August 2014). It analyses the level of compliance with the FATF 40 Recommendations and the level of effectiveness of Australia's AML/CFT system, and provides recommendations on how the system could be strengthened.