Anti-money laundering—South Korea—Q&A guide

The following Corporate Crime practice note provides comprehensive and up to date legal information covering:

  • Anti-money laundering—South Korea—Q&A guide
  • 1. Identify your jurisdiction’s money laundering and anti-money laundering (AML) laws and regulations. Describe the main elements of these laws.
  • 2. Describe any specific powers to identify proceeds of crime or to require an explanation as to the source of funds.
  • 3. Which government entities enforce your jurisdiction’s money laundering laws?
  • 4. Can both natural and legal persons be prosecuted for money laundering?
  • 5. What constitutes money laundering?
  • 6. Is there any limitation on the types of assets or transactions that can form the basis of a money laundering offence?
  • 7. Generally, what constitute predicate offences?
  • 8. Are there any codified or common law defences to charges of money laundering?
  • 9. What is the range of outcomes in criminal money laundering cases?
  • More...

Anti-money laundering—South Korea—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to anti-money laundering in South Korea published as part of the Lexology Getting the Deal Through series by Law Business Research (published: June 2021).

Authors: Yoon & Yang LLC—Soonghee Lee; Ju Yong Lee; Bo Hyun Lee; Hye Jin Hwang; Hye Young Choi

1. Identify your jurisdiction’s money laundering and anti-money laundering (AML) laws and regulations. Describe the main elements of these laws.

South Korea's primary AML legislation includes the:

  1. Act on Reporting and Using Specified Financial Transaction Information (the Specified Financial Information Act): this Act prescribes the AML obligations of financial institutions in South Korea, such as the obligations regarding suspicious transaction reports (STRs), currency transaction reports (CTRs), customer due diligence (CDD) and internal control of financial institutions. It also identifies the roles of the Korea Financial Intelligence Unit (KoFIU) and the Financial Supervisory Service (FSS); 

  2. Act on Regulation and Punishment of Criminal Proceeds Concealment: this Act prohibits the concealment of criminal proceeds related to specific crimes and regulates the confiscation and collection of those proceeds; 

  3. Act on Prohibition against the Financing of Terrorism and Proliferation of Weapons of Mass Destruction (the Terrorism Financing Prohibition Act): this Act defines the financing of terrorism against the public and of proliferation of weapons of mass destruction, designates the persons subject to restrictions on relevant financial transactions and stipulates

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