Lee Hyungju, FIU Director, Joins FATF Steering Group to Lead Talks on International Anti-Money Laundering Standards

Discussing Key Standards and Policy Directions at Oct. 25 Steering Group Meeting
Expanding Influence in Shaping International Norms
Proactively Preparing for Fifth FATF Mutual Evaluation

Lee Hyungju, director of the Financial Intelligence Unit (FIU), will attend a meeting of the Financial Action Task Force (FATF) Steering Group and take part in discussions on international anti-money laundering standards and key policy directions. The meeting is expected to give South Korea an opportunity to go beyond simply implementing international standards and directly participate in their development and in decision-making, expanding its influence in the field of anti-money laundering.

The FIU, which operates under the Financial Services Commission, said on October 14 that Lee would attend the FATF Steering Group meeting on October 25. The meeting was arranged to discuss the agenda ahead of the FATF plenary, scheduled for October 28-30.

The FATF is an organization that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering proliferation financing. Its Steering Group is a key governance body that discusses major FATF agenda items and its direction of work.

Participation in the Steering Group is significant because it means South Korea will directly engage in the development and implementation of international standards, going beyond simply following them. The FIU expects this to enhance South Korea's policy influence and credibility in combating international financial crime and to have a positive impact on the country's fifth FATF mutual evaluation.

The FIU expects Lee to effectively convey South Korea's position and make a substantive contribution to key decisions at the Steering Group, drawing on his experience in actively discussing agenda items at previous FATF plenaries and in consultation and coordination among member countries.

The FIU plans to use the results of international cooperation secured through participation in the Steering Group to strengthen South Korea's domestic anti-money laundering system as well. It plans to share major countries' policies and systems, the latest trends in illicit finance, and international response cases with the Korea Customs Service, the National Tax Service, and investigative agencies to support efforts to counter money laundering and related crimes. It will also strengthen its capacity for international cooperation to effectively respond to illicit finance that is rapidly evolving across borders.

An FIU official said, "We will respond proactively to ensure that South Korea's international role and its institutional and practical achievements to date are fully reflected in the country's fifth FATF mutual evaluation."

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