The Korea Financial Intelligence Unit (KoFIU) under the wing of the Financial Services Commission (FSC) is holding a workshop to transfer knowhow and technology of its anti-money laundering system to Saudi Arabian officials.

The two-day workshop being held through Tuesday at the request of Saudi Arabia will teach them how to use the system to prevent dubious money transactions.

Six officials, including Nasser Al-Omair, head of Saudi Arabia's FIU, will learn the operations of the system from experts from Korean financial institutions, including Shinhan Bank.

"The Saudi Arabian officials' visit to the KoFIU shows that our system for the prevention of money laundering has been recognized internationally," an FSC official said.

The FSC said that the number of requests from other countries to learn the Korean anti-money laundering system have grown from Southeastern Asian nations to other regions.

A delegation from Ethiopia visited to learn the money laundering prevention system in March.

"We will develop more technology transfer programs by actively accepting other countries' requests," the official said.

Established in 2001, the KoFIU analyzes suspicious transaction reports and relays information to law enforcement agencies once the transaction is deemed connected with money laundering or proceeds of crimes.

The unit requires detailed reporting by financial institutions when risks are identified and then scrutinizes illegal proceeds and transactions upon arrival of those reports. If considered related to international terrorism, the information will be sent to foreign financial intelligence units in order to stop international crimes.

Foreign delegations from 16 countries ― including Bangladesh, Indonesia, Mongolia, Japan and Cambodia ― have all learned the KoFIU's system since 2009.

Recently, Korea has been evaluated for implementing international measures to combat money laundering and terrorist financing at a meeting of the Financial Action Task Group (FATF) in Paris.

After remaining in a "follow-up process" to address deficiencies in meeting the international requirements for years, Korea has passed international standards in battling money laundering.

Korea has also assumed chairmanship of the FATF from July for two years. FSC Chairman Shin Je-yoon will serve as the vice president for the first year and as president for the following year.