Korean lawmakers move to hand the FIU its own crypto enforcement teeth

Ten South Korean lawmakers proposed a bill that would allow the Financial Intelligence Unit to pursue unregistered crypto operators and refer them to prosecutors.

The South Korean police have shelved almost every case the FIU has passed on to them.

Ten lawmakers file bill #2220655

The measure was introduced on Thursday by Rep. Eom Tae-young of the People Power Party and nine others. It amends the Act on Reporting and Using Specified Financial Transaction Information by inserting a new provision, Article 15-4.

According to the legislative tracking portal of South Korea, the bill was referred on August 21 to the political affairs committee of the National Assembly, which oversees the Financial Services Commission.

The bill still has to go through committee review and a floor vote. Wording can change along the way, and bills filed by individual legislators often die unpassed when an Assembly term ends.

Under the proposal, anyone could report a suspected violation directly to the FIU. The unit could then investigate the allegation, analyze it, file a complaint, request a criminal investigation, or pass the information to investigators.

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