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Access to Domestic Law Enforcement

We commit to employ all available means to meet the FATF standards on beneficial ownership that may include law enforcement agencies have full and effective access to beneficial ownership information for companies and other legal entities

Country: South Korea

Status: ongoing

Themes: Beneficial ownership

Last updated: October 2018

Classification:

Concrete: Concrete | New: New | Ambitious: Not Ambitious

Notes:

October 2018 update: It is now required in South Korea for financial institutions to identify the beneficial ownership of customers. And in this report from TI-S, on page 41 it shows their G20 score on transparency of financial institutions has increased from 31% in 2015 to 50% in 2017. There does seem to be a lot of gaps though, as overall in the G20 beneficial ownership report, South Korea is deemed as having a ‘weak framework’.

South Korea's Commitments
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