South Korean prosecutors examining a $7.22 billion cash laundering case are supposedly looking for to obtain virtual currency tracking software to be utilized in keeping an eye on crypto transactions. South Korean monetary authorities also think there is a tax evasion angle to the case.
Real-Time Tracking
According to a report, the Seoul Central District Prosecutors Office, which is examining the unauthorized remittance of $7.22 billion (10 trillion won), is supposedly looking for to obtain virtual currency software. Prosecutors think such tracking software will allow them to monitor virtual currency transactions in real-time.
As mentioned in a Kmib report, prosecutors are hoping that the software will enable them to extract the history in between wallets under examination and crypto exchanges. They also hope to discover the source and location of the washed funds utilizing the software.
We mean to purchase tools to examine cases including cryptocurrencies.
The strategy by the Seoul Central District Prosecutors Office to obtain computer system software to help its examinations comes quickly after South Korea’s Financial Supervisory Service exposed that 5 significant industrial banks were associated with the cash laundering case.
In addition to the cash laundering charges, the Kmib report states South Korean monetary authorities also think there is a tax evasion angle to the case, for this reason the roping in of the nation’s tax body.
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