On Mar. 19, SK GVT, FSC proposed revising terrorism financing rules.
SK GVT, SK FSC proposed revisions toEnforcement decree of act on prohibition against the financing of terrorism and Regulations on prohibition against financing of terrorism.
Outline of Revisions
Specify contents re proliferation of weapons of mass destruction as per the revised Act on prohibition against the financing of terrorism and proliferation of weapons of mass destruction (Act on prohibition against the financing of terrorism).
Reflect the revised definition of the term person subject to restrictions on financial transactions pursuant to revised Act on prohibition against the financing of terrorism.
Clarify the obligation to follow resolutions and procedures, where SK FSC seeks to permit financial transactions for persons subject to UN Security Council sanctions.
Define ownership/controlling corporations as those holding 50% or more of the shares or exercising de facto influence over a company's major management matters.
Classify identity information submitted by objectors as either individual or corporate.
Effectiveness
Comments shall be submitted by Apr. 30, 2025, for effectiveness from Jan. 22, 2026.
Regulators
SK FSC; SK GVT
Entity Types
B/D; Bank; Ins; Inv Co
Reference
CP, Nt 2025-129, 2025-130, Form, 3/19/2025; Dec 33913, 12/12/2023; Law 20713, 1/21/2025;
