Financial Crime Financial Crime

Comment: FATF flags troubling hole in South Korea's money-laundering defenses

By Ben Lucas and Choi Hyung-jo
  • 29 Apr 2020 03:37
  • 29 Apr 2020 03:37
The Financial Action Task Force, or FATF, the world’s standards-setter for anti-money laundering regulation, recently highlighted an unsettling hole in South Korea’s money-laundering defenses, in the group’s latest review of the country, published this month.

Financial institutions are not legally required to carry out extra due diligence on domestic politically exposed persons, or

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