Financial Transaction Reports Act (FTRA), 2001

The Financial Transaction Reports Act (FTRA) of Korea was adopted in 2001.

It is the purpose of this Act to prevent criminal activities and furthermore, to contribute to the establishment of a sound and transparent financial system, by stipulating provisions necessary to regulate money laundering activities through the financial transactions including foreign transactions, with respect to the reporting and using specific financial transaction information.

The FTRA stipulates the establishment of the Korea Financial intelligence unit (KoFIU), a specialized national agency responsible for receiving, analyzing and disseminating information on suspicious transactions.