South Korean police set up special working group to crack down on USDT money laundering

According to the Korea Economic Daily, the South Korean National Police Agency has established a working group specifically to combat cryptocurrency money laundering, headed by the Director of the Economic Crime Investigation Section, and the Cybercrime Investigation Section, Cybercrime Response Section, Violent Crime Investigation Section, Drug Crime Investigation Section and Criminal Intelligence Section participate together. Police pointed out that Tether is being misused as an illegal money laundering tool and that unregistered virtual asset changers are spreading across Seoul. The police plan to crack down on money laundering as a separate crime and suspect violations of the "Specific Financial Information Law" to unregistered virtual asset service providers. The police also secured a budget of 100 million won for cryptocurrency tracking training. Previously, some bank accounts tied to domestic exchanges were suspected of being used as money laundering channels due to the lifting of the daily deposit limit (raised from 5 million won to 500 million won).