Woofun AI reports that South Korean lawmaker Eom Tae-young introduced a revision bill to the Special Financial Information Act on the 21st. The proposal aims to clarify the Financial Intelligence Unit's authority to conduct direct investigations and make referrals against unregistered virtual asset businesses. Under current laws, the FIU lacks clear, direct enforcement powers over unregistered entities such as so-called 'private cryptocurrency exchanges,' which limits its ability to address these issues effectively.

The revised bill stipulates that anyone can report violations of the Special Financial Information Act to the FIU. Once illegal activities are confirmed, the FIU can take necessary measures such as investigations and analysis, and can file complaints or request referrals to competent investigative agencies, or provide relevant information. Lawmaker Eom Tae-young stated that unregistered virtual asset businesses pose risks of being used in criminal activities such as money laundering, underground banking, and illegal cross-border transactions.

However, due to reliance on inter-agency cooperation and referral mechanisms in the past, it has been difficult to respond promptly, which is the background for proposing this amendment.