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FIU pushes for strengthening local terrorism bill

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(Globalpost/GlobalPost)

SEOUL, July 8 (Yonhap) -- An intelligence unit of the financial regulator said Monday it is pushing for a law revision of a local terrorism bill to ban financial access of those suspected to have funded terrorism activities, in a bid to strengthen rules amid a constant nuke threat from North Korea.

The Financial Intelligence Unit (FIU), the intelligence unit of the Financial Services Commission (FSC), plans to submit the revised bill to parliament within this year, its officials said in a statement.

Under the envisioned revised law, the FIU will be authorized to halt and restrict the financial transactions of anyone suspected to have financed terrorist activities here or abroad, including building weapons of mass destruction (WMD), the FIU said.

The FIU can impose penalties on possible suspects with a fine, it added.

The revised bill will also specify types of assets subject to the FIU's definition of terrorism funds. The list will possibly include liquid and illiquid assets, bonds and property rights in a comprehensive term, the FIU said.

In Korea, the local anti-terrorism law had so far lacked stipulations on financial sanctions on terrorist suspects or their accomplices, according to the regulator.

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http://www.globalpost.com/dispatch/news/yonhap-news-agency/130708/fiu-pushes-strengthening-local-terrorism-bill