KoFIU

I am Hyung Ju Lee, Commissioner of Korea Financial Intelligence Unit.

The AML system was widely introduced in many countries around the world since the 1990s, and the CFT system has been implemented as an international standard since the September 11 attacks in 2001. The AML/CFT framework aims to enhance the transparency of financial transactions, promote national credibility, and contribute to an advanced financial system.

As globalization and advances in information technology facilitate cross-border fund transfer and a variety of financial products in recent years, we have witnessed money laundering offences growing more intelligent and sophisticated. Particularly, criminal proceeds generated from criminal acts such as drug trafficking, smuggling, and organized crimes, have significant adverse effects. These funds are laundered to facilitate other offences and seriously hinder sound economic activity; thus, eradicating such criminal proceeds is vital. Given the growing risks of terrorism and weapons of mass destruction across the globe, the importance of disrupting the channels of financing of criminal activities is greater than ever.

KoFIU is the Korean Financial Intelligence Unit under the Financial Services Commission, established to prevent money laundering and terrorist financing, and plays a pivotal role in contributing to the enhanced transparency of financial transactions by analyzing suspicious transaction reports filed by financial institutions and others, and disseminating relevant information to law enforcement agencies if they are considered to be relevant to criminal proceeds or money laundering. In doing so, KoFIU makes every effort to ensure that the privacy and data of our people are protected. We assure you that ordinary financial transactions are not reported, and even for suspicious transaction reports, the relevant matter remains strictly confidential.

Our website is an open place to share AML/CFT information and hear various opinions from you. We truly expect your attention and support.

Thank you for your visit.