The Financial Intelligence Unit (FIU) of the Financial Services Commission said on the 2nd that it attended the annual meeting of the Asia/Pacific Group on Money Laundering (APG), held in Brunei Darussalam from the 27th to the 31st of last month.
APG is one of nine regional bodies of the Financial Action Task Force (FATF), with 41 member countries from ASEAN and the Pacific, including Korea, the United States, and Japan. In addition to member countries, delegations from observer international organizations such as the International Monetary Fund (IMF), the World Bank (WB), and the Asian Development Bank (ADB) also attended this meeting.
At this meeting, APG member countries agreed that fraud crimes are becoming transnational and methods of financial crime are becoming more sophisticated.
They also noted the need not only for international cooperation, such as sharing information between countries, but also for technical assistance to member countries that lack systems and capacity.
Ha Jusic, director of system operations and planning at the FIU, said, "We agree that international cooperation is essential to efforts to block illegal funds early and to achieve results in the confiscation of criminal proceeds," adding, "Public-private cooperation with financial companies and others can greatly help block the flow of illegal funds at an early stage."