On Friday, a delegation of lawmakers from South Korea’s ruling People Power Party (PPP) paid a visit to the office of cryptocurrency (P2E) issuer Wemix. The visit is part of an ongoing investigation into the cryptocurrency holdings of Kim Nam-kuk, a former opposition party and now independent MP, and local media. Yonhap reports.
Kim reportedly had around 800,000 WEMIX coins worth about six billion won ($4.5 million) in his cryptocurrency wallet between January and February 2022. The lawmaker allegedly withdrew his coins prior to South Korea’s anti-Money laundering
Money laundering
Money laundering is an umbrella term to describe the process by which criminals conceal the original ownership and proceeds of criminal behavior by making it appear that such proceeds are derived from a legitimate source. financial services space. Although criminal money can be successfully laundered without the help of the financial sector, billions of dollars in money from crime is laundered.
Money laundering is an umbrella term to describe the process by which criminals conceal the original ownership and proceeds of criminal behavior by making it appear that such proceeds are derived from a legitimate source. financial services space. Although criminal money can be successfully laundered without the help of the financial sector, billions of dollars in money from crime is laundered.
Read this term The Financial Action Task Force (FAFT) Travel Rule in March last year. The rule requires that crypto exchanges record and report personal data on transactions that exceed a certain threshold.
South Korean prosecutors said earlier that they failed to obtain a warrant to examine the lawmaker’s financial records. However, earlier in the week prosecutors raided Upbit and Bithumb, two local cryptocurrency exchanges where Kim reportedly kept his digital wallets.
On Sunday, the embattled lawmaker from the main opposition Democratic Party resigned, forcing the party to suspend its ethics and fact-finding investigation into Kim’s activities. In response, the PPP revealed plans to launch an internal task force to investigate the former opposition MP.
In the latest news from the PPP, the ruling party’s investigative team, consisting of party representatives Kim Sung-won, Yoon Chang-hyun, Park Hyung-soo, Choi Hyung-do and a group of outside experts, held a meeting with Chang Hyun-guk, CEO of the company. Wemade Co. The meeting took place at the headquarters of the cryptocurrency issuer and sought to gather important information regarding alleged crypto transfers made by Kim.
Yonhap Reports indicate that Wemade’s office visit was prompted by suspicions that the company may have influenced Kim by providing him Wemix coins for free, with the expectation of enjoying his legislative support for the P2E industry. However, Chang denied the claim, stating that his company did not provide free Wemix coins to Kim through airdrops or private sales.
Furthermore, the CEO noted that it would be almost “impossible” for the 800,000 Wemix coins attributed to Kim to be deposited through such methods.
On Friday, a delegation of lawmakers from South Korea’s ruling People Power Party (PPP) paid a visit to the office of cryptocurrency (P2E) issuer Wemix. The visit is part of an ongoing investigation into the cryptocurrency holdings of Kim Nam-kuk, a former opposition party and now independent MP, and local media. Yonhap reports.
Kim reportedly had around 800,000 WEMIX coins worth about six billion won ($4.5 million) in his cryptocurrency wallet between January and February 2022. The lawmaker allegedly withdrew his coins prior to South Korea’s anti-Money laundering
Money laundering
Money laundering is an umbrella term to describe the process by which criminals conceal the original ownership and proceeds of criminal behavior by making it appear that the proceeds are derived from a legitimate source. financial services space. Although criminal money can be successfully laundered without the help of the financial sector, billions of dollars in money from crime is laundered.
Money laundering is an umbrella term to describe the process by which criminals conceal the original ownership and proceeds of criminal behavior by making it appear that the proceeds are derived from a legitimate source. financial services space. Although criminal money can be successfully laundered without the help of the financial sector, billions of dollars in money from crime is laundered.
Read this term The Financial Action Task Force (FAFT) Travel Rule in March last year. The rule requires that crypto exchanges record and report personal data on transactions that exceed a certain threshold.
South Korean prosecutors said earlier that they failed to obtain a warrant to examine the lawmaker’s financial records. However, earlier in the week prosecutors raided Upbit and Bithumb, two local cryptocurrency exchanges where Kim reportedly kept his digital wallets.
On Sunday, the embattled lawmaker from the main opposition Democratic Party resigned, forcing the party to suspend its ethics and fact-finding investigation into Kim’s activities. In response, the PPP revealed plans to launch an internal task force to investigate the former opposition MP.
In the latest news from the PPP, the ruling party’s investigation team, consisting of party representatives Kim Sung-won, Yoon Chang-hyun, Park Hyung-soo, Choi Hyung-do and a group of outside experts, held a meeting with Chang Hyun-guk, CEO of the company. Wemade Co. The meeting took place at the headquarters of the cryptocurrency issuer and sought to gather important information regarding alleged crypto transfers made by Kim.
Yonhap Reports indicate that Wemade’s office visit was prompted by suspicions that the company may have influenced Kim by providing him Wemix coins for free, with the expectation of enjoying his legislative support for the P2E industry. However, Chang denied the claim, stating that his company did not provide free Wemix coins to Kim through airdrops or private sales.
Furthermore, the CEO noted that it would be almost “impossible” for the 800,000 Wemix coins attributed to Kim to be deposited through such methods.
