The South Korean Ministry of Justice has announced plans to deploy a new “Virtual Currency Tracking System” in the first half of 2023 to monitor the transaction history of cryptocurrencies, extract information related to transactions, and check the source of funds before and after remittances.
Countering Money Laundering and Recovery of Criminal Proceeds
The system aims to counter money laundering and recover funds linked to criminal activities.
The South Korean Ministry of Justice has announced plans to deploy a new “Virtual Currency Tracking System” in the first half of 2023 to monitor the transaction history of cryptocurrencies, extract information related to transactions, and check the source of funds before and after remittances.
The system aims to counter money laundering initiatives and recover funds linked to criminal activities. The Ministry also shared plans to develop an independent tracking and analysis system in the second half of 2023 to meet international standards.
The South Korean police have previously established an agreement with five local crypto exchanges to cooperate in criminal investigations, creating a safe trading environment for crypto investors. The South Korean Supreme Court has also ruled that a crypto exchange must pay damages to investors over a service outage. The court stated that the burden or cost of technological failures should be shouldered by the service operator, not the service users.
The South Korean Ministry of Justice will introduce a "cryptocurrency tracking system" in the first half of this year to strengthen the tracking of money laundering and recovery of criminal proceeds using cryptocurrencies. https://t.co/2CLkaLUrX6
— Wu Blockchain (@WuBlockchain) January 29, 2023
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