international anti-money laundering organization raises s. korea's anti-money laundering ranking

The International Anti-Money Laundering Organization, FATF, has raised Korea's performance evaluation rating to the highest grade of regular follow-up inspection.

At a general meeting held at the headquarters of the Organization for Economic Cooperation and Development in Paris, France from the 21st to the 25th, the FATF decided to raise Korea's evaluation rating on the implementation of anti-money laundering international standards from a strengthened follow-up inspection country to a regular follow-up inspection country, according to a financial information analyst under the Financial Services Commission.

The Financial Information Analysis Institute said that this is the highest rating among the evaluation grades and that it has been recognized as an exemplary country by the international community 23 years after the introduction of the anti-money laundering system under the Specific Financial Information Act and the Crime Profit Concealment Control Act in 2001.

The FATF sets international standards to counter money laundering and terrorist financing, and mutually evaluates each country's level of implementation, classifying evaluation grades into regular follow-up, enhanced follow-up, and sanctioned countries.

North Korea, Iran and Myanmar were among the high-risk countries that needed action due to major flaws.

Among them, North Korea and Iran maintained their status as countries in need of countermeasures and Myanmar as countries in need of strengthened customer identification, of which North Korea has been classified as a high-risk country for 14 consecutive years since 2011.