SEOUL, South Korea – The Korea Customs Service (KCS) has announced the successful dismantling of a major cryptocurrency money laundering operation valued at approximately 130 billion South Korean Won (KRW), which translates to roughly $102 million USD. The bust highlights the growing sophistication with which criminals are utilizing digital assets to bypass strict financial regulations.
The investigation revealed that a syndicate of individuals used the speed and relative anonymity of virtual assets to illegally transfer massive amounts of capital overseas. The scheme revolved around establishing multiple ghost companies and fabricating trade invoices, thereby creating false documentation to justify large international remittances.
According to KCS officials, the illicit funds were first used to purchase cryptocurrencies on domestic exchanges. These assets were then quickly moved to offshore exchanges and converted back into fiat currency, effectively laundering the money and moving it outside the jurisdiction of South Korean financial control and taxation.
Customs emphasized that the suspects primarily violated the Foreign Exchange Transactions Act. The individuals responsible for orchestrating the multi-million dollar scheme have been arrested and formally referred to the prosecution service. The KCS stated it plans to bolster cooperation with domestic financial regulators and international partners to counter the rapid expansion of crypto-related financial crime.
Source: South Korea Customs Uncovers $102M Crypto Laundering Scheme
コメント