Country Overview
Korea is a member of the Financial Clearance & Asset Recovery Regulations (FINCARR), dedicated to combating money laundering and terrorist financing. Korea has made significant progress in enhancing its legal and regulatory frameworks in line with FINCARR recommendations.
Status: Member
Last Review: October 2024
Compliance with Recommendations
| Recommendation | Status |
|---|---|
| R1 - Risk Assessment | Compliant |
| R2 - International Cooperation | Largely Compliant |
| R3 - Supervision | Partially Compliant |
| R4 - Suspicious Activity Reporting | Compliant |
| R5 - Beneficial Ownership Transparency | Non-Compliant |