South Korea enacted the Financial Transaction Reports Act and Proceeds of Crime Act in September 2001. The laws are aimed at combating money laundering and the financing of terrorism.
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Korea's anti-money laundering legislation consists of the Financial Transaction Reports Act and the Proceeds of Crime Act. Both pieces of legislation reflect the recommendations made by the Financial Action Task Force on Money Laundering, which called for the establishment of a Financial Intelligence Unit, the introduction of a suspicious transaction reporting system, and the facilitation of information exchange with overseas financial investigative units.
The Financial Transaction Reports Act stipulates the establishment of the South Korean Financial Investigative Unit, a specialized national agency responsible for receiving, analyzing, and disseminating information on suspicious transactions. The Financial Investigative Unit serves as a clearinghouse for information received by financial institutions regarding suspicious transactions. The Financial Investigative Unit also inspects financial institutions to ensure for compliance and entrenchment of the law.
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Ira Piltz, Greenpoint Technologies