South Korea's Financial Intelligence Unit (FIU) announced on January 21 that it will strengthen cooperation with the Broadcasting Media Communications Review Committee to block access to illegal overseas virtual asset operators. The FIU issued the statement in response to criticism from Asia Economy regarding alleged responsibility-shifting between the two agencies. The announcement comes amid ongoing regulatory efforts to prevent money laundering risks and protect domestic users from unregistered overseas crypto platforms.
FIU Denies Responsibility Evasion Claims
The FIU stated in its press release that it is "closely cooperating with investigative agencies to develop effective measures based on objective evidence, and will strengthen cooperation to ensure timely blocking of access to illegal overseas virtual asset operator sites." The agency directly refuted Asia Economy's criticism that both agencies were passing responsibility while illegal exchanges remained unsanctioned. The FIU emphasized that it has been "closely cooperating with the Broadcasting Media Communications Review Committee under the goal of preventing money laundering risks from illegal overseas unregistered virtual asset operators and protecting domestic users, and has not deliberately delayed reviews or evaded responsibility."
The agency explained that both organizations are working together to "swiftly designate targets for access blocking while seeking effective and reasonable measures that do not cause inconvenience to domestic users' financial transactions or create concerns about property damage, and are sufficiently sharing materials necessary for review."
FIU Clarifies Legislative Amendment Position
Regarding content in materials submitted to the National Assembly by the Broadcasting Media Communications Review Committee stating that "final judgment is considered when administrative or judicial procedures are in progress," the FIU clarified this describes "general review procedure principles according to the 'Regulations on Review of Information and Communications.'" The agency stated that its opinion on the amendment to the "Act on the Establishment and Operation of the Broadcasting Media Communications Committee" was "merely an institutional improvement recommendation to prevent recurrence of past review gaps at the committee, and is unrelated to any intention to obscure responsibility for currently ongoing matters."
FAQ
What did South Korea's FIU announce on January 21?
The Financial Intelligence Unit announced it will strengthen cooperation with the Broadcasting Media Communications Review Committee to block access to illegal overseas virtual asset operators, stating both agencies will work with investigative agencies to develop effective measures based on objective evidence.
Why did the FIU issue this statement?
The FIU issued the statement in response to criticism from Asia Economy that alleged both agencies were passing responsibility to each other while illegal exchanges remained unsanctioned, with the FIU denying it deliberately delayed reviews or evaded responsibility.
