FIU to Push for a Policy That Will Include Cryptocurrency Exchanges under Supervision for Money Laundering

Jun 11, 2018

South Korean financial authorities have made its position official that it will include cryptocurrency exchanges as subjects that will be under supervision for money laundering.
Financial Intelligence Unit (FIU) held a policy consultative committee for preventing money laundering on the 8th and announced direction of its policy with above information as the gist.
FIU has decided to prepare effective measures first based on Financial Action Task Force’s Money Laundering and Terrorist Financing Risk.
In financial sectors, FIU has decided to revise Special Financial Transaction Information Act and push for a legislation along with the National Assembly that will include cryptocurrency exchanges under supervision by a money laundering prevention system. It has also decided to increase amount of one-time financial transactions that can be identified such as electronic wire transfer and casino winnings to $930 (1 million KRW) and $2,800 (3 million KRW) respectively. It has also decided to look into a way to introduce reasonable regulations even for industries where money laundering prevention regulations have yet to be introduced.
In non-financial sectors as well, FIU is going to expand necessary group of crimes such as ones that are related to tariff and environment through cooperation from relevant departments and introduce a plan to non-financial type of occupations such as lawyers and accountants of giving them obligations to prevent money laundering.
“We are going to quickly push for follow-up measures according to direction of our policy and we will lead discussions about issues that will need cooperation from other departments.”
Staff Reporter Ryu, Geunil |

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