South Korean police establish working group to combat USDT money laundering

According to the Korea Economic Daily, the National Police Agency of South Korea has established a cryptocurrency money laundering crackdown team, led by the head of the Economic Crime Investigation Division and involving multiple departments. The police stated that Tether has been used for illegal money laundering and unregistered virtual asset exchange merchants have spread in Seoul. The police plan to classify money laundering as a separate charge and investigate unregistered service providers under the Specific Financial Information Act. In addition, the police allocated 100 million Korean won for cryptocurrency tracking training. Some bank accounts associated with domestic exchanges are suspected of being used for money laundering due to the daily deposit limit increasing from 5 million Korean won to 500 million Korean won.