The Financial Action Task Force on Money Laundering will begin a review of Korea's financial situation, as the country seeks membership into the organization.
The Financial Services Commission in Seoul says the two-week inspection will take place from Monday to next Friday, November 14th.
The FATF, an affiliate of the Organization for Economic Co-operation and Development, was founded in 1989 by the advanced Group of Seven member countries to fight against money laundering. There are currently 32 members.
A seven-member inspection group of U.S., Japanese and Spanish officials will evaluate Korea based on a 49-item FATF checklist.
A commission official says Korea could become a member some time next year if the inspection is successful, which he says will positively affect the credit ratings of domestic financial firms.
Source: KBS
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