According to Odaily, the Korea Customs Service announced that it has transferred three Chinese nationals suspected of involvement in a cryptocurrency money laundering scheme to the prosecution.
The suspects are accused of transferring approximately 150 billion won (about US$101.7 million) through illegal foreign exchange transactions between September 2021 and June 2023. The Korea Customs Service stated that the suspects used cryptocurrency accounts both domestically and internationally, as well as Korean bank accounts, to transfer funds under the guise of paying for plastic surgery and overseas education. The scheme involved purchasing cryptocurrencies overseas and transferring them to South Korea, then converting them into Korean won and distributing them to local bank accounts to evade regulation. Currently, the three individuals have been transferred to the prosecution for violating South Korea's Foreign Exchange Transaction Act.
