The Korea Financial Intelligence Unit (KoFIU) is part of the Ministry of Finance and Economy (MOFE) and was established on 28 November 2001 in accordance with the Financial Transaction Reports Act.
KoFIU activities include gathering and analyzing information on suspicious transactions provided by financial institutions, and providing the outcome of such analyses to law enforcement agencies.
KoFIU also supervises the implementation of the suspicious transaction rep- orting (STR)system by financial institutions, and assists financial institutions in establishing internal reporting systems and developing training programs for their employees.
Furthermore, KoFIU will enhance mutual cooperation and information excha- nge with overseas FIUs and actively participate in international antimoney laundering efforts.
