South Korea plans to conduct virtual asset exchange inspections to expel ineligible platforms later this year. Authorities are contemplating an advanced suspension system for suspicious transactions. This would rapidly prevent the concealment of illicit funds during all stages of the investigation process. The Financial Intelligence Unit (FIU) released a “2024 Work Plan” on Monday, collecting opinions from experts through consultation with the Policy Advisory Committee, Yonhap News reported. The department plans to prevent unauthorized virtual asset exchanges from accessing the Korean won market. It also aims to strengthen screening and anti-money laundering checks.
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