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

Odaily Planet Daily News The Korea Customs Service stated on Monday that it had seized a total of 7.2 trillion won (approximately 4.92 billion USD) in illegal foreign exchange transactions in the first half of the year. The agency reported that from January to June, it uncovered 792 cases of illegal foreign exchange transactions, involving illegal outward remittance of foreign currency and concealment of overseas assets. Some cases involved export companies receiving export payments in cryptocurrency rather than legal tender such as the US dollar. Customs Commissioner Lee Jong-wook stated that cooperation with relevant authorities such as the Ministry of Economy and Finance will be strengthened to address risks arising from foreign exchange market volatility.