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South Korea’s Ministry of Justice has announced plans to introduce a cryptocurrency transaction monitoring system to recover funds related to criminal activities such as money laundering.
According to South Korean media outlet khgames, the “virtual currency tracking system” will be used to monitor transaction history before and after remittance, extract transaction-related information, and verify the source of funds.
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
The system is expected to be deployed in the first half of 2023, but the South Korean government shared plans to develop its own tracking and analysis system in the second half.
“We will develop a forensic infrastructure (foundation) to deal with the increasing sophistication of crime. We will build a criminal justice system that meets international standards.”
South Korean police previously established an agreement with five cryptocurrency exchanges to cooperate in criminal investigations and create a safe trading investment environment.
