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APG Inspects into Money Laundering in September

Posted May. 11, 2001 11:57,   


The Asis Pacific Group on Money Laundering (APG) is planning to conduct a field investigation of Korea`s anti-money laundering measures in September.

The government remains undecided if it will receive APG`s inspection, because the money laundering prevention bill did not received approval from the Congress due to the antagonism between the ruling party and the opposition party.

Ministry of Finance and Economy (MFE) told that ``APG notified the government its plan to conduct an onsite assessment of Korea`s situations. If the bill is not to be passed even in the Assembly to be held in June, it is highly plausible to bring about the damages to international credibility.``

APG, launched in February 1997, has a membership of 20 countries, including Australia, Japan, China and the U. S., and Korea joined this organization in October 1998.

Kim Kyu-Bok, Director of Economic Cooperation Bureau of MFE, said that ``APG selected Korea and Thailand to conduct evaluations. The APG will focus on inspecting the legal and institutional measures and internal management system of financial institutions to prevent money laundering.``

Director Kim explained that ``this organization will recommend necessary measures according to the outcome of investigation. If the bill was not passed by the Assembly until that time, it could be a disgraceful shame to us.``

The government emphasized the necessity of speedy establishment of the bill to prevent money laundering because the Financial Action Task Force on Money Laundering (FATF) meeting will be held in Paris to put additional countries on the list of non-cooperative countries or territories (NCCT).

Choi Young-Hae moneychoi@donga.com