Korean Police Establish USDT Money Laundering Task Force, Treating 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 the participation of the Cybercrime Investigation Division, Cyberterrorism 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, and unregistered virtual asset exchangers are proliferating across Seoul. The police plan to crack down on money laundering as an independent crime and apply the "Specific Financial Information Act" violation charges 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 were suspected of being used as money laundering channels after their daily deposit limits were raised from 5 million won to 500 million won.