Korean money launderers are expected to face a tougher business situation, as the Korean government will push for exchanges of money launderer lists with the U.S. and Asian countries. According to industrial sources, the Financial Intelligence Unit (FIU) under the Financial Supervisory Commission (FSC) proposed exchanging Suspicious Transaction Reports (STRs) with six Asian nations in an APG meeting held in New Zealand in July. They are China, India, Malaysia, Singapore, Hong Kong, and Macau. The six countries are suspected of being hotbeds for money laundering by Koreans and Korean companies. The STR system makes it obligatory for financial companies to report illegal financial transactions to financial regulators. Countries around the world are exchanging such STR data with one another. But exchanges of data are done one by one when they were requested. But the conclusion of a project agreement will bring data in lump sums to Korea, elevating the efficiency of investigations a great deal.
