The Korea Financial Intelligence Unit (KoFIU) held a meeting with financial industry groups and the financial companies selected for their outstanding STR practices on August 29 to reward their compliance work and promote best practices in STR. At the meeting, financial industry groups presented their own measures for bosltering STR and shared plans for making improvements. KoFIU Commissioner Rhee Yunsu said that the government will step up efforts to more effectively deal with the newly emerging types of money laundering crimes by maintaining close cooperation between related authorities. The KoFIU will continue to hold meetings on STR every six months to help improve financial institutions' STR practices and strengthen their compliance capacity.