Daily Management Review

South Korea’s customs services uncovers cryptocurrency crimes worth $594.35 million


01/31/2018


Domestic investors have been caught white washing their forex trades and bringing back the funds as fiat currency.



On Wednesday, South Korea’s customs services disclosed it has uncovered cryptocurrency crimes worth $594.35 million (637.5 billion won), including illegal foreign exchange trading.

Having bought 1.7 billion won worth of cryptocurrencies, domestic investors sent them to partners overseas through virtual wallets and were brought back into the country as fiat currency, which amounts to unrecorded capital outflows.

The customs office went on to add that it would continue to monitor the usage of cryptocurrencies in such cases of money laundering and illegal currency trading.
 
References:
reuter.com







Science & Technology

Large U.S. Study Finds Detection Of Irregular Heart Beat By Apple Watch

Apple to present Netflix competitor at the end of March

Live Human Under-Skin Chip Implantation Takes Place At Barcelona

IDC: Wearable tech gadgets market is booming

Second Patient In 12 Years Becomes HIV Free By Bone Marrow Transplantation

Car-Sharing Platforms Could hold The Key To 5G & Auto Industry Collaboration

Bezos tells about his space plans

Fast Company: Apple isn't the most innovative anymore

U.S. Space Program Could Be Delayed Due To SpaceX, Boeing Design Risks: Reuters

What trends will be affecting the health sector in the coming years?

World Politics

World & Politics

China's expansion into Europe: Italy’s ports are next

US watchdog is accused of violating aircraft certification process

Large Section Of Citizens Unhappy With Public Services & Benefits: OECD Survey

Largest companies reveal volumes of plastic produced by them

US Warning To Germany About Intelligence Sharing Over Huawei Ban

Mercer reveals the world’s safest cities

No vaccinations, no school: Italy’s new law

Why the new Aachen Treaty cannot save France-Germany relation