Gov’t launches task force to investigate suspicious virtual currency transactions

The Korean Financial Supervisory Commission
has laid out strong measures to crack down on illegal activities within the cryptocurrency
market. It plans to create a special task force to
investigate any cryptocurrency transactions that it classes as ‘suspicious’. Kim Mok-yeon with the details. The Financial Supervisory Commission’s Financial
Intelligence Unit announced on Thursday that it will create a special task force to investigate
suspicious virtual currency transactions. The task force is set to evaluate and analyze
suspicious transactions handed over by six local banks that have the highest number of
cryptocurrency transactions. Earlier this week, the government imposed
obligations for these banks to report what the government calls “suspicious transactions”
to the FIU beginning January 30th, the date when investors will be allowed to create new
accounts under their real names. The government has categorized dealings that
exceed 9,400 U.S. dollars per day or 18,800 dollars per week as ‘suspicious transactions’. It also classified accounts that traded frequently
as ‘suspicious’, with accounts that performed more than five trades a day or seven trades
a week included in the list. Once the FIU finishes its review of the suspicious
dealings, it will hand over transactions related to tax evasion to the National Tax Service
and the Korea Customs Service, and transactions related to financial crimes to investigative
agencies such as the police. The Financial Supervisory Service said that
it will also strengthen its monitoring of virtual currency transactions by financial
companies by elevating the current anti-money laundering team to a larger department and
designating former commissioner of the FIU Yoo Kwang-yeol as the head of that department. The latest move comes as part of efforts to
prevent illegal activities, such as money laundering or tax evasion, that could occur
from the abuse of cryptocurrency systems. Kim Mok-yeon, Arirang News.

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