South Korean Prosecutors Seek Software To Track And Monitor Crypto Transactions – Regulating Bitcoin News
South Korean prosecutors investigating a $7.22 billion money laundering case are reportedly seeking to obtain virtual currency tracking software to be used to monitor crypto transactions. South Korean financial authorities also believe there is a tax evasion angle in the case.
Real-time tracking
According to a report, the Seoul Central District Prosecutor’s Office, which is investigating the $7.22 billion (10 trillion won) unsanctioned money transfer, is attempting to acquire virtual currency software. Prosecutors believe such tracking software will enable them to monitor virtual currency transactions in real time.
As stated in a Kmib report, prosecutors hope that the software will allow them to extract the history between wallets under investigation and crypto exchanges. They also hope to uncover the source and destination of the laundered funds using the software.
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The plan by Seoul’s central prosecutor’s office to acquire computer software to help the investigation comes shortly after South Korea’s Financial Supervisory Service revealed that five major commercial banks were involved in the money laundering case.
In addition to the money laundering allegations, the Kmib report says South Korean financial authorities also believe there is a tax evasion angle to the case, hence the country’s tax body.
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