Government office gets software to track crypto transactions

The South Korean government plans to increase crypto monitoring because 75% of unlawful transactions in the country include cryptocurrency. The Supreme Prosecutors’ Office in South Korea is reportedly investing in cryptocurrency monitoring tools.

Recent Released: Binance adds Terra USTC as borrowable asset, price jumps

Instances of illicit foreign exchange, fraud, money laundering, tax evasion, etc. can be traced back to their original crypto transaction, which will aid law enforcement.

Prosecutors in South Korea Will Monitor Suspected Crypto Transactions

It has been claimed by a South Korean news outlet that the Prosecutors’ Office requires crypto exchanges and wallets to track the origin and destination of illicit monies in real time.

To examine $7.22 billion in FX transactions, money laundering, and the Terra-LUNA crypto problem, investigators plan to deploy techniques related to cryptocurrencies.

The Financial Intelligence Unit and Financial Supervisory Service identified $7.22 billion in unlawful crypto-related foreign exchange transactions involving institutions, including the five largest commercial banks. There were $3.4 billion in unlawful FX transactions involving cryptocurrencies at Woori Bank and Shinhan Bank.

Reports indicate that the Prosecutor’s Office suspects the deals were actually about money laundering and international property sales. Money moved through cryptocurrency exchanges was difficult to trace, though. So, the prosecution is counting on software to keep tabs on them.

Authorities in South Korea are currently probing Terra’s top brass for allegedly funnelling cash to Singaporean offshore accounts via shell corporations. Do Kwon, Terra’s founder, is also the target of a manhunt by law enforcement and Interpol.

The Five Largest Cryptocurrency Exchanges Have Signed a Cooperation Agreement with Law Enforcement

Upbit, Bithumb, Korbit, Coinone, and Gopax, five of South Korea’s most prominent cryptocurrency exchanges, have inked a memorandum of understanding with the National Police Agency to cooperate in the investigation of cryptocurrency-related crimes. As a result, law enforcement will be able to collect more useful evidence in the wake of criminal incidents.

In addition, cryptocurrency markets had intended to form a commission to combat cryptocrime and strengthen protections for investors. Before enacting the Digital Asset Basic Act, the government is looking to punish those responsible for the Terra crash and any illicit activities that may have occurred as a result.

Source: Google Trend                                                                                                                             

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