Money laundering in connection with Bitcoin leads to 33 arrests in South Korea
Money laundering in connection with Bitcoin leads to 33 arrests in South Korea
- 33 people were arrested with cryptocurrency for money laundering and fraud.
- According to the Seoul Central Customs, virtual transfers are carried out under the guise of study costs, trade or travel are illegal .
South Korea has expressed concerns about the use of cryptos for illegal transactions and activities in recent years. Recently, the authorities started an interdisciplinary surgery to examine money laundering and fraud. So far, 33 people have been arrested due to illegal border-crossing Bitcoin transactions worth 1.69 trillion South Korean WON ($ 1.48 billion).
The Seoul Central Customs emphasized that virtual transfers were carried out under the guise of study costs, trade or trips are illegal. Violations of this law are pursued by a criminal law or are taken with high fines.
according to a local news agency Detailed persons were fined, fourteen were persecuted and are still being investigated against four.
showed that 812.2 billion won ($ 713 million) were involved in the illegal foreign exchange exchange. In this case, the perpetrators paid a third to transfer a huge amount of money after acting on a crypto exchange.
Another 785.1 billion Won ($ 690 million) had to deal with people who bought digital currencies abroad after they had illegally fake their transfer documents abroad. Others also used credit cards issued by Korea to buy crypto abroad in a transaction worth 95.4 billion won ($ 83 million).
In one of the cases, an employee was supported by a group of people to achieve around 1.5 billion won ($ 1.3 million) of capital gains from Bitcoin trading. The report mentions that he used $ 32 billion ($ 28 million), which he has withdrawn abroad from his credit card issued in Korea. They were fined with a fine of 1.3 billion WON ($ 1.1 million).
university student due to Bitcoin trading abroad
A university student is also said to have transferred 40 billion won ($ 35 million) from Korea in several accounts that he had set up abroad. According to fake transfer documents, he stated that the money was deliberately used for study and living expenses abroad. According to the report, he made about 2 billion won ($ 1.7 million) of capital gains from Bitcoin trade. The authorities therefore imposed a fine of 1.6 billion WON (1.4 million).
In another case, an owner of a foreign exchange company was asked to transfer money to its foreign customers in order to circumvent the foreign exchange authorities. He succeeded in transferring 300 billion WON ($ 263 million) in 17,000 or probably handing over themselves, who were allegedly debited from his account in a local crypto exchange. In addition to the exchange fee, he achieved capital gains of 5 billion WON ($ 4 million). Together with three others who have helped him, they violated the foreign exchange ranks action law.
Another owner of a retail company sent 355 billion Won ($ 312 million) in 563 installments to foreign accounts to buy cryptocurrency. He made 10 billion in Bitcoin trades in capital gains and was fined with a fine of $ 12.5 million.
Since the stocks of digital assets are increasing abroad, South Korea has tried to introduce a foreign crypto tax from 2022. This means that "crypto-assets and property that are not for sale are subject to a statutory gift and inheritance tax rate of up to 50 percent."
Source: Crypto-news-flash.com
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