South Korea will apply for membership in the Financial Action Task Force on Money Laundering and the Egmont Group in the first half of this year.

An application will be submitted after the National Assembly passes two bills on banning money laundering this month. The laws will take effect in mid-April and enable the government to form a financial intelligence unit that is to provide information on financial crimes to the National Police Agency.

After joining the international agency, South Korea will also sign memorandums of understanding with other members regarding the exchange of information on financial crimes.

The agency was established by the Group of Seven industrialized nations in Paris in 1989 and now has 29 members. Egmont was set up in 1995 to enhance cooperation between financial intelligence units worldwide.