South Korean ministries look to upgrade status of crypto crime unit
The temporary unit is reportedly being transformed into a permanent department as enforcement actions rise dramatically in South Korea.
The South Korean Ministry of Justice and Ministry of Security and Public Administration are working to elevate their crypto crime investigative unit to the status of a permanent department, according to a local press report.
Issues such as budget allocation and the appointment of prosecutors will be discussed early next month, Segye Ilbo reported. The prosecutors in the current unit are associated with the Seoul Southern District Prosecutors’ Office. The unit currently has temporary status, which means that it could be dissolved at the government’s will.
The investigative unit was formed in July and has about 30 expert members. It coordinates the activities of seven government agencies, including the Prosecutor’s Office, Financial Supervisory Service, Financial Intelligence Unit (FIU) and National Tax Service.
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Author: Derek Andersen
