Seoul: The country's financial regulator announced plans to revise laws to enhance its response to increasing money laundering activities and to collaborate with other nations to effectively track and curb such activities. The Financial Services Commission (FSC) aims to update legislation to empower the Financial Intelligence Unit (FIU) to freeze accounts linked to crimes, including drug trafficking and gambling.

According to Yonhap News Agency, the FSC's proposed revisions will facilitate the identification of international criminal organizations as entities to be restricted in financial dealings. Furthermore, Seoul intends to enhance collaboration with China, Singapore, Cambodia, and other Southeast Asian countries by sharing information and policies to combat money laundering more effectively.

In response to the rising trend of money laundering through virtual assets, the FSC plans to tighten regulations, such as the crypto travel rule, which mandates virtual asset exchanges to report transactions exceeding 1 million won (US$690). Additionally, the FSC will develop an anti-money laundering framework specifically for stable coins.