South Korea is seeking to strengthen its ability to trace criminal proceeds after they are converted into virtual assets and transferred across domestic and overseas exchanges or into personal wallets. The Financial Intelligence Unit, which operates under the Financial Services Commission, is seeking Chainalysis’s on-chain data solution, with the commission reporting 1.93 billion won ($1.4 million) in planned funding to the National Assembly. The system would link and analyze wallet and exchange transfers, including flows associated with voice-phishing scams and other suspicious money-laundering transactions. FIU reviews and analyses of suspicious money-laundering transactions rose from 26,692 in 2023 to 33,834 in 2024 and 44,680 last year.