South Korean prosecutors are investigating a $7.22 million money laundering case and want to purchase virtual currency tracking software for monitoring crypto transactions. South Korean financial authorities believe that there may be a tax evasion angle.
According to a report, Seoul Central District Prosecutors Office is looking to purchase virtual currency software. Prosecutors claim such tracking software will allow them to monitor real-time virtual currency transactions.
Crypto transaction software can track transactions in real-time
According to a KMIB report, prosecutors hope that the software will allow them to extract the history between the investigation-related wallets and the crypto exchanges. The software will also allow them to identify the origin and destination of laundered funds.
We plan to buy tools to investigate cases that involve cryptocurrencies.
Seoul Central District Prosecutors Office plans to purchase computer software to assist its investigations. This is just after South Korea’s Financial Supervisory Service revealed that five large commercial banks were implicated in the money laundering case.
The KMIB report states that in addition to money laundering charges, South Korean financial authorities believe there is also a tax evasion angle. Therefore, the country’s tax authority was enlisted.