Seoul: The chief of the country's financial regulator said Friday that his agency will sternly punish any money laundering activities via transactions of virtual assets. In a ceremony to mark the establishment of the anti-money laundering agency, the Financial Intelligence Unit (FIU), Lee Eog-weon, chairman of the Financial Services Commission (FSC), emphasized the importance of combating illicit financial activities in the virtual asset space.

According to Yonhap News Agency, Lee Eog-weon announced that the FSC will develop strategies to prevent the use of overseas crypto exchanges as a channel for money laundering. He outlined the agency's intention to proactively freeze accounts suspected of involvement in money laundering to block transfers intended for criminal purposes.

Lee further indicated that the agency plans to unveil a comprehensive road map to combat money laundering activities. This initiative will include revising existing laws to augment the role and effectiveness of the FIU in tackling financial crimes associated with virtual assets.