Korea has appointed a World Bank specialist as the director of a new educational institute on anti-money laundering that will open later this month, announced the Financial Intelligence Unit under the Financial Services Commission on Thursday.

Kevin Stephenson, a senior specialist on the financial sector at the World Bank, will head the Training and Research Institute called TREIN under the Financial Action Task Force. It is slated for an official launch at Busan International Finance Center on Sept. 20. 


The FATF TREIN is going to be an international educational and research center on the prevention of money laundering and financing terrorism. The FATF decided to establish the institute in Korea last year, since former FSC Chairman Shin Je-yoon headed the FATF for the past one year.

Among 20 candidates from 17 countries, the FATF chose Stephenson, a veteran on anti-money laundering policies who has served at international organizations and the US government for about 30 years. He has been working at the World Bank since 2008.

“Through cooperation with FATF members and other international organizations, I will foster the FATF TREIN as a global educational body on anti-money laundering,” Stephenson was quoted as saying.

Established in 1989 in the aftermath of a UN Security Council resolution on anti-terrorism measures, the FATF has 37 regular members, nine monitoring members and 24 observers including the International Monetary Fund and World Bank. The task force sets international guidelines for the prevention of money laundering and financial routes to terrorists, and oversees the member countries’ compliance with the guidelines.

By Song Su-hyun (song@heraldcorp.com)