FSS strengthens partnership with top police investigation agency

Financial Supervisory Service (FSS) Governor Lee Bok-hyun, fourth from left, and National Office of Investigation (NOI) chief Woo Jong-soo, fourth from right, stand next to each other, holding MOU documents signed by them at the headquarters of the FSS in Seoul, Wednesday.

By Anna J. Park

The Financial Supervisory Service (FSS) and the National Office of Investigation (NOI) announced, Wednesday, that they have signed a memorandum of understanding (MOU) to strengthen cooperation in combating illegal activities in the capital market. Under the National Police Agency, the NOI is focusing on independent crime investigations.

While the two agencies have so far maintained a cooperative relationship in matters of consumer finance, such as voice phishing and illegal financial fraud investigations, they have been separately addressing illegal activities in the capital market. With the signing of the MOU, the FSS and the NOI have agreed to enhance cooperation through the entire investigation process, from information sharing to crackdowns on crime, relating to financial crimes.

“It holds a great significance that the two institutions decided to combine their investigative expertise and infrastructure through the MOU signing,” FSS Governor Lee Bok-hyun said during the signing ceremony held at the headquarters of the FSS in Seoul, Wednesday. “We expect the collaboration and cooperation between the agencies to yield tangible results through organically-linked efforts,” Lee added.

The FSS will actively share information with the NOI on cases that require judicial processing, such as illegal investment schemes, investment fraud, illegal business practices, as well as embezzlement by employees at financial companies.

“Strengthened cooperation with the FSS will serve as a strong deterrent against evolving capital market crimes, bringing about substantial achievements that the public can witness,” Woo Jong-soo, the head of the NOI, said, emphasizing that the police are aware of the seriousness of growing financial crimes in the country.

The NOI vows to share information related to unfair trading, illegal activities by financial companies and accounting fraud obtained during investigations and data collection processes. The two agencies will also operate joint investigative units to counter frequently committed financial crimes.