JAPAN AND SOUTH KOREA CONTINUE TO TIGHTEN AML/CFT CONTROLS, BUT WILL REFORM BE ENOUGH TO SATISFY FATF AND APG?
July 1st, 2019
JAPAN and South Korea have many similarities in AML/CFT terms, being the only countries in north-east Asia with democratic, open societies, who also run their economies according to standard free market principles. They are also both developed industrial economies in which the rule of law is applied consistently and transparently.
Both South Korea and Japan are FATF members and thus have implemented a generally similar AML/CFT system with some differences in details such the retention period of CDD records, with South Korea’s five years versus Japan’s seven ...
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