South Korea's Democratic Party lawmaker Park Min-kwu and 10 other lawmakers have proposed an amendment to the 'Specific Financial Transaction Information Act,' aiming to grant the Financial Intelligence Unit (FIU) the authority to preemptively freeze bank accounts and virtual asset addresses suspected of being used for major crimes such as fraud, drugs, illegal gambling, and terrorist financing. According to the proposal, law enforcement agencies can request financial institutions or virtual asset service providers to temporarily freeze the relevant accounts or addresses for 7 days, which can be extended up to 60 days if deemed necessary by the FIU. The FIU can also directly request a suspension of transactions for the related accounts and crypto addresses for up to 180 days to prevent criminal funds from being quickly transferred or hidden before formal confiscation or recovery procedures begin. (Digital Asset) https://www.(wublock123.com)/news/south-korea-mp-proposes-fiu-power-to-freeze-crypto-addresses-in-major-crimes-69265