Money Laundering Control Act Article 9

To provide international cooperation in relation to money laundering prevention and counter-terrorism financing, the competent authorities in charge of financial institutions and the central competent authorities in charge of the industry related to designated nonfinancial enterprises or persons may, spontaneously or in response to reports submitted by the Investigation Bureau of the Ministry of Justice, take the following measures against countries or regions with high risks of money laundering or terrorism financing :1. To order financial institutions, designated nonfinancial business or professions to strengthen relevant measures for verification of the customer’s identity during transactions.2. To limit or prohibit financial institutions designated nonfinancial business or professions to make wire transfers or conduct other transactions with high-risk money laundering and terrorist financing countries or regions.3. To take other necessary preventive measures those are effective and proportionate to the risks.Countries or regions where risks of money laundering or terrorism financing are high as prescribed in the preceding paragraph refer to one of the following:1. Countries or regions where major flaws are detected in its money laundering prevention and counter-terrorism financing efforts, according to announcements issued by international anti-money laundering organizations.2. Countries or regions where advice of international anti-money laundering organizations are not followed or not fully followed, according to announcements issued by international anti-money laundering organizations.3. Other countries or regions where high risks of money laundering and terrorism financing are confirmed by sufficient evidence.