S. Korea set to chair int’l anti-money laundering policymaking body

South Korea will serve as chair of an inter-governmental policymaking body on preventing money laundering starting next month, the country’s financial regulator said Monday.

South Korea was appointed as the chair country of the Financial Action Task Force at its plenary meeting in February last year to become the third Asian country to hold the chairmanship, following Japan and Hong Kong, according to the Financial Services Commission.

Former FSC Chairman Shin Je-yoon will hold the FATF post in charge of organizing the FATF secretariat and convening meetings of the FATF plenary and other task forces starting July 1.

Established in 1989, the FATF sets standards and promotes the implementation of legal and regulatory measures against money laundering and financing of terrorism. It has 36 member countries and 24 observers.

It blacklists four countries, including North Korea, on its list of non-cooperative countries and territories.