Korean Police Establish USDT Money Laundering Task Force, Targeting Money Laundering as an Independent Crime

Odaily Planet Daily News: The Korean National Police Agency has established a task force specifically targeting cryptocurrency money laundering, led by the head of the Economic Crime Investigation Division. The task force includes the Cyber Crime Investigation Division, Cyber Terror Response Division, Violent Crime Investigation Division, Drug Crime Investigation Division, and Criminal Intelligence Division. Police stated that Tether is being abused as a tool for illegal money laundering, with unregistered virtual asset exchangers spreading across Seoul. Police plan to target money laundering as an independent criminal offense and apply the "Specific Financial Information Act" violation charges against unregistered virtual asset service providers. Police have also secured a budget of 100 million Korean Won for cryptocurrency tracking training. Previously, some bank accounts linked to domestic exchanges had daily deposit limits raised from 5 million Korean Won to 500 million Korean Won, leading to suspicions that they were being used as money laundering channels.