By Hassan Mehmood (Saudi Arabia)
There are many countries where public servants are required by the government to declare their assets publicly before getting elected. Recently, a legislator hailing from South Korea is currently facing charges concerning suspicious cryptocurrency activity.
In case the investigators found anything resembling the legal violation, it can lead to disciplinary actions. The legislator is subjected to an advisory panel of the parliamentary ethics committee.
A meeting to discuss the investigation findings has been arranged on Monday. These allegations are directed towards a legislator member of the primary focus who is currently serving their first term in the office.
The public official under question is Kim Nam-kuk and he is thought to be in possession of around 800,000 wemix cryptocurrencies since 2021. The possession is currently estimated to have a market value of 6 billion Korean won or $4.5 million.
The legislator in question named Nam-kuk is known for his frugal nature. Therefore, the news about his massive cryptocurrency holdings is making big headlines in local media outlets.
The main concern of the people is about the origin of the funds that allow politician to accumulate such a massive amount of cryptocurrencies. The case is under investigation by the Ethics Investigation Advisory Committee for South Asian Affairs.
Members of the investigative committee have reportedly conducted three meetings thus far to discuss the matter and share details about the case. Furthermore, the investigators have told the media that they are working on finding any signs of legal inconsistencies or suspicious activities concerning the cryptocurrency holdings of Nam-kuk.
A local media outlet named The Korean Times has covered the scoop on this investigation. Â The publication is using Yonhap as the source for evidence and fact collection. The case was brought to the attention of FIU or the Financial Intelligence Unit of the Financial Services Commission or FSC.Â
South Korean Authorities Declare Crypto Transfers by Lawmaker Suspicious and Illegal
The investigators have declared the withdrawals made from the cryptocurrency wallet under the possession of the legislator as suspicious and nominated the figure for further investigation.
In a separate turn of events, the regulators from South Korea are also currently pursuing prosecution against two local cryptocurrency enterprises named Upbit and Bitthumb. It is important to note that the way for these investigations was paved by the probe into the cryptocurrency holdings of Nam-kuk.
Policymakers in the country have criticized him for participating in cryptocurrency trading while attending the penultimate and final meeting of the Judiciary Committee of the National Assembly. However, as per the Public Service Ethics Act of South Korea Kim was not under obligation to declare his holdings in the form of virtual currencies.
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