Increasing Transparency in Virtual Asset Transactions... Government Expands FIU Organization and Workforce

Legislative Notice of the Amendment to the Organization Decree of the Financial Services Commission and Its Affiliated Agencies

[Asia Economy Reporter Lim Cheol-young] The government will expand the organization and personnel of the Financial Intelligence Unit (FIU) under the Financial Services Commission to enhance the transparency of virtual asset transactions.

On the 26th, the Ministry of the Interior and Safety and the Financial Services Commission announced that they will conduct a legislative notice on the "Ordinance on the Revision of the Organization of the Financial Services Commission and Its Affiliated Agencies" until the 2nd of next month.

According to this organizational revision, the FIU will expand from the current structure of 1 Director General, 6 divisions, and 69 personnel to 1 Director General, 1 Office, 7 divisions, and 83 personnel. This means an increase of 1 Office, 1 division, and 14 personnel. To take charge of statutory duties such as managing and supervising virtual asset service providers, improving related systems, and preventing money laundering, a new "Virtual Asset Inspection Division" will be established, and practical personnel will be increased to strengthen the review and analysis of specific financial transaction information in the virtual asset sector.

Additionally, as the targets and types of anti-money laundering measures diversify, a "Policy Planning Officer" to assist the Director General of the FIU will be installed, and personnel for analyzing specific financial transaction information in the local tax sector will also be increased.

The FIU plans to utilize the reinforced organization and personnel to thoroughly manage and supervise virtual asset service providers, prevent money laundering activities, establish a sound order for virtual asset transactions, and enhance transparency.

The final revision ordinance will be promulgated and enforced in September after collecting opinions through the legislative notice, followed by review by the Ministry of Government Legislation, the Vice Ministerial Meeting, and the Cabinet Meeting.

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