South Korea Seizes 7.2 Trillion Won in Illegal Foreign Exchange Transactions in First Half of the Year

Odaily reported on Monday that the Korea Customs Service uncovered illegal foreign exchange transactions totaling 7.2 trillion won (approximately $4.92 billion) in the first half of the year. The agency stated that from January to June, it detected 792 cases of illegal foreign exchange transactions, involving activities such as illegally transferring foreign currency overseas and concealing overseas assets. Some cases involved export companies receiving export payments in cryptocurrencies rather than fiat currencies like the US dollar. Customs Service Commissioner Lee Jong-wook stated that cooperation with the Ministry of Economy and Finance and other relevant authorities will be strengthened to address risks arising from volatility in the foreign exchange market.