The Korean Customs Service has reported that illegal money laundering amounted to 114 trillion KRW over the past five years, with 83% involving cryptocurrencies. According to the service, cryptocurrencies have become a significant medium for illicit financial activities. They highlight that the substantial use of digital currencies in money laundering poses challenges for regulatory frameworks. The report emphasizes the need for tightened controls to combat the rising trend of such illegal operations. Additionally, authorities are urged to enhance cooperation with international bodies to effectively address this issue.
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