North Korea and Iran Redesignated as High-Risk Countries for Money Laundering and Terrorism Financing

Financial Intelligence Unit (FIU) Attends FATF Plenary Meeting
Iran and Myanmar Also Redesignated

North Korea has been redesignated on the Financial Action Task Force (FATF) blacklist. As a result, North Korea has now been classified as a high-risk country for the fifteenth consecutive year since 2011.

The Financial Intelligence Unit (FIU) under the Financial Services Commission announced on June 15 that this decision was made at the FATF plenary meeting, which was held at the European Parliament headquarters in Strasbourg, France, from June 10 to June 13 (local time).

The FATF evaluated each country's implementation of international standards and redesignated North Korea, Iran, and Myanmar as high-risk countries (blacklist) that require action due to significant deficiencies. North Korea and Iran were placed under "countermeasures," while Myanmar maintained its status as a "subject to enhanced due diligence."

Additionally, the FIU stated that the "Amendment to Recommendation 16," aimed at increasing transparency in payments and settlements, was adopted at this plenary meeting.

This amendment strengthens requirements for information on both the sender and recipient during fund transfers, in order to facilitate the detection of crimes, ensure the implementation of sanctions, and enhance the efficiency of payments and settlements.