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| A flag with the logo of the Financial Action Task Force (FATF) waves in the wind in this file photo taken during a meeting of the task force at the Congress Center in Berlin, Germany on June 17, 2022. AP-Yonhap |
By Anna J. Park
The Financial Services Commission (FSC), along with the Financial Supervisory Service (FSS) and other government agencies, attended the fifth Plenary of the Financial Action Task Force (FATF) held in Paris, France, from last Thursday to Friday, joining the international anti-money laundering organization's efforts to fight cross-border crime and terrorism.
According to the FSC Sunday, Park Jung-hoon, the Commissioner of Korea Financial Intelligence Unit (KoFIU), held a meeting with Raja Kumar, the president of the FATF, on the sidelines of the plenary meeting schedule. Park also held bilateral talks with Executive Secretary of the FATF Violaine Clerc, as well as Kevin Vandergrift and Joel Godard, who lead the FATF's Training Institute (TRAIN).
The Korean government has voluntarily been paying contributions to the program operations of the FATF TRAIN. During the meeting, KoFIU chief Park discussed the efficient management of TRAIN programs, while TRAIN leaders expressed gratitude for Korea's contributions to the agency. Both parties also vowed to cooperate consistently on further programs.
Meanwhile, the FATF's plenary meeting last week was the first meeting presided over by Raja Kumar, since he began the two-year-term presidency of the organization in July of this year. The participants acknowledged the anti-money laundering agency's strengthened standards on authorities' approach to information, transparency and asset recovery, meaning the return of illicit proceeds by criminals to crime victims.
The international organization's members also approved a project report on the impact of illicit proceeds generated from the supply chains of fentanyl and related synthetic opioids.
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