South Korea Seizes $4.92 Billion in Illegal Foreign Exchange Transactions in First Half of Year

The Korea Customs Service reported that it seized illegal foreign exchange transactions worth 7.2 trillion won (approximately $4.92 billion) in the first half of the year, involving 792 cases. These cases include illegal transfers of foreign exchange abroad and concealing overseas assets. Some exporting companies received payments for exports in cryptocurrency and did not remit the foreign exchange back to South Korea. Customs Service Commissioner Lee Jong-wook pointed out that fluctuations in the foreign exchange market are one of the main risks facing the South Korean economy, and the Customs Service will strengthen cooperation with the Ministry of Economy and Finance and other departments.

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