FIU Signs Information Exchange Cooperation Agreement with Oman’s National Center for Financial Information

The Financial Intelligence Unit (FIU) announced on December 15 that it had signed a Memorandum of Understanding (MOU) in Muscat, Oman, with the National Center for Financial Information (NCFI) of Oman to cooperate on the exchange of financial transaction information related to anti-money laundering.

The two countries signed the MOU to strengthen the analysis of suspicious transactions related to money laundering and terrorist financing through information sharing between their respective FIUs, and to strictly crack down on international organized crime, tax evasion, and drug trafficking. They reaffirmed the principles of information exchange cooperation, including the collection and utilization of a wide range of information and ensuring that information exchange is conducted in a timely and efficient manner.

Through this cooperation MOU, both sides also agreed to expand technical cooperation, including sharing suspicious transaction analysis techniques and collaborating on staff capacity building between the two FIUs, in addition to information exchange.

Lee Hyungju, Director of the Financial Intelligence Unit, and Abdul Raman Amour Al Kiyumi, Director of the Oman Financial Intelligence Unit, signed a Memorandum of Understanding (MOU) on the 15th in Muscat, Oman, to cooperate on the exchange of financial transaction information related to anti-money laundering. Financial Intelligence Unit

The FIU typically cooperates with member countries to prevent money laundering and terrorist financing by exchanging information on suspicious transactions through the Egmont Group. With this MOU, the FIU has further strengthened its responsibility for information exchange as a member of the Egmont Group. The Egmont Group is a cooperative organization of financial intelligence units from various countries, established in 1995, and currently has 182 member countries.

Lee Hyungju, Director of the Financial Intelligence Unit, met with the Director of the Financial Intelligence Unit of Oman and expressed concern over the seriousness of recent transnational organized crime occurring in Southeast Asia, noting that these criminal organizations are using various methods to evade financial tracking. He particularly emphasized that, as criminals are rapidly distributing and concealing illicit funds using virtual assets, it is impossible to block the flow of illegal funds through the efforts of individual countries alone, and that international cooperation is essential to respond to such crimes.

In response, the Omani side stated that they are well aware of the potential for money laundering and terrorist financing crimes due to the cross-border nature and anonymity of virtual assets, and noted that transnational organized crime is occurring not only in Asia but also in South America and Africa, posing a significant threat to all countries worldwide. They also agreed on the need to continuously establish and develop bilateral and multilateral cooperation systems to respond to such crimes.