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 formed a specialized task force to combat cryptocurrency money laundering, led by the Head of the Economic Crime Investigation Division, with participation from the Cyber Crime Investigation Division, Cyber Terror Response Division, Violent Crime Investigation Division, Drug Crime Investigation Division, and Criminal Intelligence Division. The police stated that Tether is being abused as a tool for illegal money laundering, with unregistered virtual asset exchangers spreading across Seoul. The police plan to target money laundering as an independent crime and apply violations of the "Specific Financial Information Act" to unregistered virtual asset service providers. The police have also secured a budget of 100 million KRW for cryptocurrency tracking training. Previously, some bank accounts linked to domestic exchanges had their daily deposit limits raised from 5 million KRW to 500 million KRW, raising suspicions of being used as money laundering channels.