South Korea’s Korea Customs Service said it uncovered 7.2 trillion won, or about $4.92 billion, in illegal foreign exchange transactions in the first half of the year, according to Yonhap News Agency. The agency said authorities found 792 cases between January and June involving offenses such as illegally moving foreign currency overseas and concealing offshore assets. Some of the cases involved exporters receiving payment for overseas shipments in cryptocurrency instead of fiat currencies such as the U.S. dollar, which meant export proceeds in foreign currency were not repatriated to South Korea. Korea Customs Service Commissioner Lee Jong-wook said the agency will step up cooperation with the Ministry of Economy and Finance and other related departments, citing recent volatility in the foreign exchange market as one of the key risks facing the South Korean economy.
South Korea’s Korea Customs Service said it detected 7.2 trillion won, or about $4.92 billion, in illegal foreign exchange transactions in the first half of this year, according to Yonhap News Agency.
The agency said it uncovered 792 illegal foreign exchange cases from January through June. The violations included illegally transferring foreign currency abroad and concealing overseas assets.
Some of the cases involved export companies receiving payment for exports in cryptocurrency rather than fiat currencies such as the U.S. dollar. In those cases, foreign-currency export proceeds were not brought back into South Korea.
Lee Jong-wook, commissioner of the Korea Customs Service, said the agency will strengthen cooperation with the Ministry of Economy and Finance and other relevant departments, as recent foreign exchange market volatility is regarded as one of the main risks facing the South Korean economy.
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