South Korea and the UK have signed a memorandum of understanding (MOU) designed to combat international money laundering and terrorist financing.
The two sides on Monday committed themselves to sharing money-laundering related information, and to cooperation in the training of anti-laundering officials. It was also agreed that, in order to guarantee confidentiality, shared information should not be divulged to third parties.
The memorandum was signed in London by commissioner of the Korea Financial Intelligence Unit (KoFIU), Kim Gyu-bok, and the director general of the UK's National Criminal Intelligence Service (NCIS), John Abbott.
According to reports, Korea is expected to sign a similar MOU with Poland on October 14, and is also seeking money laundering information exchange agreements with several other countries, including Japan, Australia, and the United States.
It certainly looks set to be a busy few weeks for Commissioner Kim, as according to a report in the Korea Times on Monday, he is also scheduled to attend the FATF General Assembly this week. As co-chairman of the Asia-Pacific Group on Money Laundering, the KoFIU chief will be detailing the group's recent anti-money laundering efforts.
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