Illegal Transactions Worth $1.8 Billion Discovered in South Korea

Economy Jamie Simon
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The Secret Service Financial Information (Financial Intelligence Unit, FIU) allowed South Korean customs authorities to uncover illegal transactions worth $1.8 billion in 2015, according to a report presented on Monday to a parliamentary committee.

FIU, established in 2001, under the supervision of the Parliamentary Services Committee of parliament in Seoul Customs Service report, suspicious transactions related to money laundering, illegal currency exchanges and the illicit transfer of assets, reports Yonhap news agency.

The report referred to show that last year FIU has provided4533 clues which were based on their South Korean customs officials that have acted in 258 cases. The state could levy such taxes worth 44 million dollars. The amounts involved in the uncovered cases increased with 73.9% over the previous year.

One of the first purposes of FIU is to find financial transactions that could involve money laundering, tax evasion or some other criminal activities. It may also be involved to identify the financing of terrorist and criminal organizations.

The group involves scrutinizing a big number of transactional data, which is usually provided by banks and some other entities as being part of the regulatory requirements. The data mining or data matching technique can be used to identify potentially engaged persons in specific activities.

Many countries which are industrialized have reporting requirements like these.

It could be possible for the organization to gain access to the data at a financial organization. Talking from a legal standpoint, the collection of such kind of data can be quite complex. The CIA, for example, gained access to the data streams of the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which violated the Belgian law for privacy.