ACT ON PROHIBITION AGAINST THE FINANCING OF TERRORISM
Act No. 11049, Sep. 15, 2011
Act No. 8697, Dec. 21, 2007
Amended by Act No. 8863, Feb. 29, 2008
Act No. 10042, Feb. 4, 2010
Act No. 10694, May 19, 2011
Act No. 10911, Jul. 25, 2011
Act No. 11049, Sep. 15, 2011
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| Article 1 (Purpose) |
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The purpose of this Act is to provide for matters necessary for prohibiting the financing of terrorism to implement the International Convention for the Suppression of the Financing of Terrorism.
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| Article 2 (Definitions) |
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The definitions of terms used in this Act are as follows: <Amended by Act No. 10911, Jul. 25, 2011>
| 1. | The term "funds for terrorism against the public (hereafter referred to as "funds for terrorism")" means funds or assets collected, provided, transported or kept to be used for any of the following acts, for the purposes of interfering with the State, a local government or foreign government (including a foreign local government, or international organization established by a treaty or other international convention) in exercising its rights or forcing it to perform a non-obligatory act, or threatening or endangering the public: |
| (a) | Murder, injuring human body part that may result in death, or illegal arrest, confinement, abduction, enticement or taking hostage; |
| (b) | Any of the following acts related to an aircraft (referring to an aircraft as defined in 1 of Article 2 of the Aviation Act; the same applies hereafter in this item): |
| (i) | Crashing, overturning or destroying an aircraft during flight (referring to flight as defined in subparagraph 1 of Article 2 of the Aviation Safety and Security Act; the same applies hereafter in this item), or causing sufficient damage to harm the safety of an aircraft during flight; |
| (ii) | Hijacking, or forcing the operation of an aircraft during flight by assault, intimidation or other means; |
| (iii) | Damaging, or interfering with the operation of aviation facilities related to the operation of an aircraft, so as to harm the safety of an aircraft; |
| (i) | Destroying a ship during its operation (referring to operation as defined in subparagraph 2 of ; the same applies hereafter in this item) or an offshore facility, or causing sufficient damage to harm the safety of a ship during its operation, any offshore facility or freight stowed thereon; |
| (ii) | Hijacking, or forcing the operation of a ship by assault, intimidation or other means; |
| (iii) | Destroying, causing major damage to, or impairing the functions of equipment or facilities related to the operation of a ship, so as to harm the safety of the ship during operation; |
| (d) | Loading or exploding explosives or incendiary arms or devices, which were produced, or are sufficiently powerful to kill, critically injure or cause major damage, or using them in other ways on any of the following vehicles or facilities: |
| (i) | Public vehicles used for transporting humans or goods, such as trains, streetcars, automobiles, etc.; |
| (iii) | Facilities or roads used for vehicle traffic falling under subitem (i), parks, stations, or other public facilities; |
| (iii) | Facilities to supply electricity or gas, drinking water supply for the public, other facilities or facilities for telecommunications provided to, or used by the public; |
| (iv) | Processing, transporting or storing facilities to produce or refine raw materials of petroleum, flammable gas, coal or other fuel, or process them into fuel; |
| (v) | Structures, aircraft or ships, which the public may access, excluding facilities referred to in subitems (i) through (iv). |
| (i) | Killing a human, injuring a body part or property, or endangering other public safety by destroying a nuclear reactor; |
| (ii) | Endangering human life or body part by wrongfully using radioactive materials, a nuclear reactor or facility related thereto, a nuclear fuel cycle facility, a radiation generator, etc.; |
| (iii) | Receiving, carrying, possessing, storing, using, transporting, altering, disposing of or dispersing nuclear materials; |
| (iv) | Destroying or damaging nuclear materials or a nuclear facility, or causing such, or interfering with the normal operation of a nuclear facility, resulting in discharge of radioactive material or radiation leak; |
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| Article 3 (Application to Foreign Exchange Transactions or Foreigners) |
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| (2) | This Act shall also apply to any of the following persons: |
| 1. | Any foreigner (including any person without citizenship; the same applies hereinafter) who has committed a crime referred to in Article 6 (1) outside the Korean territory to damage a Korean public institution, such as overseas missions, or facilities thereof, or harm Korean citizens; |
| 2. | Any foreigner who has committed a crime referred to in Article 6 (1) outside the Korean territory and is in the Korean territory. |
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| Article 4 (Designation, etc. of Persons whose Financial Transactions, etc. are Restricted) |
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| (1) | If any individual, corporation or organization is deemed related to the financing of terrorism and in any of the following cases, the Financial Services Commission may designate such individual, corporation or organization as a person who is restricted from doing acts under paragraph (4) 1 or 2 (hereinafter referred to as "person whose financial transactions, etc. are restricted"), and publicly announce such designation: |
| 1. | Where restriction on the financing of terrorism is necessary for complying with treaties to which Korea is a party, or generally accepted international laws in good faith; |
| 2. | Where restriction on the financing of terrorism is necessary for especially contributing to international efforts to sustain international peace and security. |
| (2) | The Financial Service Commission shall obtain prior consent from each of the following persons, when intending to designate and publicly announce a person whose financial transactions, etc. are restricted: Provided, That it may designate and publicly announce such person without obtaining prior consent thereto where financing of terrorism is likely to harm life, body or property of people or in emergency or other urgent circumstances that are likely to jeopardize public safety: |
| 1. | The Minister of Strategy and Finance; |
| 2. | The Minister of Foreign Affair and Trade; |
| 3. | The Minister of Justice. |
| (3) | The Financial Services Commission shall obtain consent from each person mentioned in the subparagraphs of paragraph (2) within 48 hours from the time it designates and publicly announces a person whose financial transactions, etc. are restricted without obtaining consent pursuant to the proviso to paragraph (2). Where it fails to obtain such consent, the designation and public announcement loses its effect and the Financial Services Commission shall publish such fact without delay. |
| (4) | Where a person designated and publicly announced as a person whose financial transactions, etc. are restricted pursuant to paragraph (1) intends to do any of the following acts (including cases in which he or she becomes the other party to the relevant act in cases falling under subparagraph 2), he or she shall obtain a permit from the Financial Services Commission, as prescribed by Presidential Decree. In such cases, a permit may be applied for by a person whose financial transactions, etc. are restricted or the other party to the relevant act, as prescribed by Presidential Decree: |
| 2. | Transfer, gift, etc. of movable assets, immovable assets, bonds, or other property or property rights, and other acts of disposal, and transfer of occupation thereof or alteration of the original state. |
| (5) | The Financial Services Commission's authority to grant a permit to acts under paragraph (4) 1 may be entrusted to the Governor of the Bank of Korea under the Bank of Korea Act. |
| (6) | When any person designated and publicly announced as a person whose financial transactions, etc. are restricted pursuant to paragraph (1) is no longer related to the financing of terrorism, the Financial Services Commission shall revoke such designation, and publicly announce it. In such cases, the main sentence of paragraph (2) shall apply mutatis mutandis to the revocation of designation as a person whose financial transactions, etc. are restricted. |
| (7) | Any person who is dissatisfied with any of the following dispositions may file an objection, as prescribed by Presidential Decree: |
| 1. | Designation as a person whose financial transactions, etc. are restricted; |
| 2. | Refusal to grant a permit under paragraph (4). |
| (8) | Where necessary to designate a person whose financial transactions, etc. are restricted, the Financial Services Commission may request related institutions or organizations to render cooperation, such as submission of necessary materials or opinions. |
[This Article Wholly Amended by Act No. 11049, Sep. 15, 2011]
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| Article 5 (Duties of Financial Companies, etc. and their Employees) |
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| (1) | No financial company, etc. (including its employees) shall make a financial transaction nor may disburse or receive the payment therefor, with a person designated and publicly announced as a person whose financial transactions, etc. are restricted under Article 4 (1), except where a permit is granted under Article 4 (4). <Amended by Act No. 10694, May 19, 2011; Act No. 11049, Sep. 15, 2011> |
| (2) | When any employee of a financial company, etc. is aware of the fact that assets received from a financial transaction are funds for terrorism, or the other party to a transaction is making a transaction, or disbursing or receiving the payment therefor without a permit referred to in Article 4 (4) or is committing a crime referred to in Article 6 (1), he or she shall, without delay, report such fact to the competent investigative authority, notwithstanding the provisions of other Acts or subordinate statutes. <Amended by Act No. 10694, May 19, 2011; Act No. 11049, Sep. 15, 2011> |
| (3) | Where any employee of a financial company, etc. intends to file, or has already filed a report pursuant to paragraph (2), he or she shall not divulge such fact to any other person, including the other party to the relevant financial transaction: Provided, That the same shall not apply where an insider in the financial company, etc. provides such fact, if necessary to prevent the financing of terrorism.<Amended by Act No. 10694, May 19, 2011> |
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| Article 5-2 (Prohibited Acts) |
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| (1) | Except where obtaining a permit under Article 4 (4), no person shall provide funds or property to a person whose financial transactions, etc. are restricted for the purposes of benefitting such person, while knowing that such person has been designated as a person whose financial transactions, etc. are restricted pursuant to Article 4 (1). |
| (2) | No person shall raise funds or property for the purposes of benefitting a person whose financial transactions are restricted, while knowing that he or she has been designated as such pursuant to Article 4 (1). |
[This Article Added by Act No. 11049, Sep. 15, 2011]
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| Article 6 (Penal Provisions) |
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| (1) | Any of the following persons shall be punished by imprisonment with prison labor for not more than ten years or by a fine not exceeding 100 million won: |
| 1. | Any person who raises, supplies or transports funds or assets, while knowing that they are to be used for terrorism; |
| 2. | Any person who forces or persuades another person to raise, supply or transport funds or assets, while knowing that they are to be used for terrorism. |
| (2) | Any of the following persons shall be punished by imprisonment with prison labor for not more than three years or by a fine not exceeding 30 million won: <Amended by Act No. 10694, May 19, 2011; Act No. 11049, Sep. 15, 2011> |
| 1. | Any person whose financial transactions, etc. are restricted who has done an act falling under any subparagraph of Article 4 (4) after obtaining a permit under Article 4 (4) by fraud or other wrongful means; |
| 2. | Any person whose financial transactions, etc. are restricted who has done an act falling under any subparagraph of Article 4 (4) without obtaining a permit under Article 4 (4); |
| 3. | Any person who provides funds or property without obtaining a permit, in violation of Article 5-2 (1); |
| 4. | Any person who raises funds or property, in violation of Article 5-2 (2); |
| 5. | Any employee of a financial company, etc. who makes a transaction, in violation of Article 5 (1). |
| (3) | Any of the following persons shall be punished by imprisonment with prison labor for not more than two years or by a fine not exceeding ten million won: |
| 1. | Any person who fails to file a report to the competent investigative authority, in violation of Article 5 (2); |
| 2. | Any person who divulges the filing of a report, in violation of Article 5 (3). |
| (4) | Any person who attempts a crime falling under paragraph (1) 1 shall be punished. |
| (5) | Any person who commits a crime falling under paragraphs (1) through (3) may be concurrently punished by imprisonment with prison labor and a fine. |
| (6) | Where the representative of a corporation, or the agent, employee or other servant of a corporation or individual commits any violation referred to in paragraphs (1) through (3) in connection with the affairs of the corporation or the individual, not only shall such violator be punished, but the corporation or the individual shall be also punished by a fine prescribed in the relevant Article: Provided, That this shall not apply where such corporation or individual has not been negligent in giving due attention and supervision regarding the relevant duties to prevent such violation. <Amended by Act No. 10042, Feb. 4, 2010> |
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| Article 7 (Fines for Negligence) |
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| (1) | Any financial company, etc. (limited to cases where its employee violates Article 5 (1) by negligence) that makes a transaction, in violation of paragraph (1) of the same Article, shall be punished by a fine for negligence not exceeding 20 million won. <Amended by Act No. 10694, May 19, 2011> |
| (2) | Fines for negligence referred to in paragraph (1) shall be imposed and collected by the Financial Services Commission, as prescribed by Presidential Decree. <Amended by Act No. 8863, Feb. 29, 2008> |
| (3) | Deleted. <by Act No. 11049, Sep. 15, 2011> |
| (4) | Deleted. <by Act No. 11049, Sep. 15, 2011> |
| (5) | Deleted. <by Act No. 11049, Sep. 15, 2011> |
ADDENDUM
This Act shall enter into force one year after the date of its promulgation.
ADDENDA<Act No. 8863, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDUM<Act No. 10042, Feb. 4, 2010>
This Act shall enter into force on the date of its promulgation.
ADDENDA<Act No. 10694, May 19, 2011>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA<Act No. 10911, Jul. 25, 2011>
Article 1 (Enforcement Date)
This Act shall enter into force three months after the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDUM<Act No. 11049, Sep. 15, 2011>
This Act shall enter into force one year after the date of its promulgation.
Last updated : 2013-01-30