Memorandum of Understanding between the
Korea Financial Intelligence Unit of the Financial Services Commission
and Autoriti Monetari Brunei Darussalam
Autoriti Monetari Brunei Darussalam (AMBD) recently signed a Memorandum of Understanding (MoU) with the Korea Financial Intelligence Unit of the Financial Services Commission (KoFIU) to better facilitate the exchange of financial information relating to money laundering and the financing of terrorism.
The MoU, signed at the 15th Annual Asia / Pacific Group on Money Laundering Meeting held in Brisbane, Australia on 18 July 2012, enhances international cooperation between AMBD and KoFIU and marks both agencies’ commitment in the global fight against organised crime. The MoU was signed by Yang Mulia Dato Paduka Haji Mohd Rosli bin Haji Sabtu, the Managing Director of AMBD, on behalf of AMBD, and Mr Jae-See Park, the Commissioner of KoFIU. To date, AMBD has entered into MoUs with three Financial Intelligence Units. It is also currently in negotiations with a number of other countries / jurisdictions.
About KoFIU: KoFIU is a governmental agency under the Financial Services Commission and the lead agency in Korea for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) matters. Under the Financial Transaction Reports Act, KoFIU’s mission is the collection, analysis and dissemination of suspicious transaction reports (STRs), cash transaction reports (CTRs) and information on foreign exchange transactions. KoFIU is also responsible for supervision and inspection of financial institutions' AML/CFT activities, research on money laundering and terrorism financing trends and preventive measures, provision of AML training and consultation to financial institutions on AML/CFT, and domestic and international co-operation and information exchange related to AML/CFT.
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