FSC held an AML(Anti Money Laundering) workshop with Mongolian financial authorities

The Korea Financial Intelligence Unit(koFIU) of the FSC held a three-day workshop on AML(Anti-Money Laundering) with Mongolian financial authorities including chief executive of FIU department of Mongolian central bank on February 8. The workshop was part of two parties cooperation based upon a MOU on sharing information on financial transactions. The FSC had also introduced AML system of Korea to Mongolia. KoFIU expects the workshop to help its Mongolian counterpart enhance overall Mongolian financial system and policies on supervising financial market.

During the workshop, KoFIU shared its know-how on AML such as how to analyze criminally suspected financial transactions, and supervise financial market. In addition to theoretical discussions, field study had also been organized. Mongolian representatives visited several financial institutions of Korea such as banks. For this workshop, various financial service institutions of Korea such as Financial Supervisory Service (FSS), Korea Deposit Insurance Corporation (KDIC), Korea Exchange (KRX), Korea Development Bank (KDB), Hanabank and Kookmin bank had jointed into supporting the education programs. With the joint cooperation among several institutions, the workshop introduced following details to Mongolian authorities.

KoFIU expects to reinforce supervision policies of Mongolian government on International Money Laundering by introducing them advanced AML system. Furthermore, closer cooperation with various developing countries and enhanced global leadership of Korean financial authorities are anticipated as well.

KoFIU plans to organize more workshops that would be customized for developing countries and help them meet international standards. Those programs would especially for countries such as Nepal, Myanmar that are recognized as AML international standard non-performing countries by the Financial Action Task Force (FATF). In order to offer more advanced and effective programs internationally, KoFIU will work together with international institutions such as World Bank in organizing such programs.

Kyoungmin Kim

(k.kim@live.nl)

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