Korea and Australia signed a memorandum of understanding (MOU) Wednesday to exchange intelligence on money-laundering activities and cooperate in the training of personnel.

The MOU signed between the commissioners of the Korea Financial Intelligence Unit (KoFIU) and the Australian Transaction Reports and Analysis Centre (AUSTRAC) lays the groundwork for sharing of data that will facilitate tracking the movement of illegal funds and unreported transfers of wealth abroad.

The agreement signed during AUSTRAC Director Neil Jensen's visit to Korea also outlines the limiting of unauthorized releases of information provided by the other party, and ensuring that the data is used only to keep track of suspected illegal funds between the two countries.

The MOU is the fifth of its kind for the KoFIU following those signed with Belgium, Britain, Poland and Brazil.

Besides signing the MOU, the two sides held a special seminar at the Gwacheon Government Complex on ways of preventing money laundering.