SEOUL, Oct. 30 (Korea Bizwire) — South Korea’s unification ministry handling inter-Korean affairs said Monday that it will cooperate with the international community to put a brake on Pyongyang’s evolving money laundering schemes. During its plenary meeting in Paris last week, the Financial Action Task Force, an intergovernmental anti-money laundering body, decided to maintain North [...]
SEOUL, Dec. 18 (Korea Bizwire) — The government has completed measures designed to upgrade its money laundering prevention system. The Financial Intelligence Unit (FIU), a special unit that operates under the umbrella of the Financial Services Commission, said Thursday it had started the operation of a next-generation money laundering prevention system. The unit’s money laundering [...]
SEOUL, Dec. 5 (Korea Bizwire) — South Korea’s top financial regulator said Tuesday it will use artificial intelligence (AI) technology to automate some of the nation’s probe systems against money laundering. Kim Yong-beom, vice chairman of the Financial Services Commission (FSC), said it will start building the anti-money laundering compliance system using AI next year. [...]
SEOUL, Nov. 28 (Korea Bizwire) – South Korea said Monday it will step up efforts to close systemic loopholes in efforts to combat money laundering. The government plans to revise related legislation to cover lawyers, accountants, realtors and other professionals in non-finance sectors, according to the initiative by the authorities. Currently, only financial firms and [...]
BEIJING, June 2 (Korea Bizwire) – China said Thursday it opposes unilateral sanctions by a certain country against North Korea, reacting coolly to a U.S. decision that designated North Korea as a “primary money laundering concern” with the aim of blocking the North’s access to the global financial system. The designation by the U.S. Treasury [...]
SEOUL, June 2 (Korea Bizwire) – South Korea on Thursday welcomed the U.S.’ move to designate North Korea as a “primary money laundering concern,” saying that it indicates Washington’s strong commitment to faithfully carry out the toughened sanctions on the communist country for its nuclear weapons program. The foreign ministry vowed to keep working closely [...]