South Korean prosecutors investigating a $7.22 billion money laundering case are reportedly seeking to acquire virtual currency tracking software to be used in monitoring crypto transactions. South Korean financial authorities also believe there is a tax evasion angle to the case.
real-time tracking
According to a report, the Seoul Central District Prosecutors Office, which is investigating unrestricted remittances of $7.22 billion (10 trillion won), is reportedly seeking to acquire virtual currency software. Prosecutors believe that such tracking software would enable them to monitor virtual currency transactions in real time.
As stated in a Kmib report, prosecutors are hoping 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.
We intend to purchase equipment to investigate cases involving cryptocurrencies.
The plan by the Seoul Central District Prosecutors Office to acquire computer software to aid its investigations 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 allegations of money laundering, the Kmib report states that South Korean financial authorities also believe there is a tax evasion angle in the case, so the country’s tax body has been involved.
