South Korea’s customs agency said Monday that it uncovered KRW 7.2 trillion, or about $4.92 billion, in illegal foreign exchange transactions during the first half of the year. The Korea Customs Service said it detected 792 cases from January through June, covering violations such as illegally moving foreign currency overseas and concealing overseas assets. Some of the cases involved exporters receiving export payments in cryptocurrencies instead of legal tender such as the U.S. dollar. Lee Jong-wook, commissioner of the customs agency, said the agency will strengthen cooperation with the Ministry of Economy and Finance and other relevant authorities to respond to risks tied to volatility in the foreign exchange market.
South Korea’s customs agency said Monday that it uncovered KRW 7.2 trillion, or about $4.92 billion, in illegal foreign exchange transactions in the first half of the year.
According to the agency, authorities detected 792 illegal foreign exchange cases between January and June. The violations included illegally transferring foreign currency overseas and concealing overseas assets.
Some of the cases involved exporters receiving export proceeds in cryptocurrency rather than in legal tender such as the U.S. dollar.
Lee Jong-wook, commissioner of the Korea Customs Service, said the agency will step up cooperation with the Ministry of Economy and Finance and other relevant departments to address risks linked to volatility in the foreign exchange market.
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