SEOUL, Jan. 19 (Yonhap) — South Korea’s customs authorities stated Monday they’ve uncovered a world crime ring accused of laundering about 150 billion won (US$101.7 million) value of cryptocurrency via an unauthorized international alternate scheme.
Three Chinese language nationals have been referred to the prosecution for alleged violations of the international alternate transactions act, in line with the Korea Customs Service (KCS).
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 South Korean financial institution accounts, the company stated.
Authorities stated the funds had been transferred below the guise of reliable bills, corresponding to beauty surgical procedure charges for international 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 South Korea, transformed it into Korean won, after which funneled the cash via quite a few home financial institution accounts.
This undated Yonhap file picture exhibits the headquarters of the Korea Customs Service. (Yonhap)
khj@yna.co.kr
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