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A Study on Anti-Money Laundering Measures for Professionals and Non-Financial Businesses in Korea financial policy

Author Hyungdo Ahn, Jonghyuk Kim Series 05-23 Language Korean Date 2005.12.30

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The FATF's Forty Recommendations, which have been endorsed by more than 130 countries, are widely accepted as the leading international anti-money laundering standards. The Recommendations recognize that certain types of non-financial businesses and professionals are vulnerable to money laundering, and ask countries to consider applying the Recommendations to the financial activities of non-financial businesses and professionals. FATF Typologies reports have regularly referred to the increasing role played by non-financial businesses and professionals in money laundering schemes in recent years. After introducing anti-money laundering laws in 2001, Korea have has taken steps to extend the reach and breadthwidth of anti-money laundering legislation and systems to increase its their effectiveness. Korea will introduce a Currency Transactions Report and enhance Customer Due Diligence for higher risk categories beginning Jan 1, 2006. (The rest is omitted.)

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