Criminal ring nabbed for alleged laundering of 150 billion won of cryptocurrency

Korea Customs Service [YONHAP]

 
Korea’s customs authorities mentioned Monday they’ve uncovered a world crime ring accused of laundering about 150 billion won ($101.7 million) price of cryptocurrency by means of an unauthorized overseas change scheme.
 
Three Chinese language nationals have been referred to the prosecution for alleged violations of the Overseas Trade Transactions Act, in response to the Korea Customs Service.
 
The suspects allegedly laundered 148.9 billion won between September 2021 and June of final 12 months by exploiting home and abroad cryptocurrency accounts and Korean financial institution accounts, the company mentioned.
 
Authorities mentioned the funds have been transferred underneath the guise of reputable bills, reminiscent of beauty surgical procedure charges for overseas nationals or abroad research prices for college students.
 
To evade monitoring by monetary authorities, the suspects allegedly bought cryptocurrency in a number of international locations, transferred it to digital wallets in Korea, transformed it into Korean won, after which funneled the cash by means of quite a few home financial institution accounts. 

Yonhap