South Korea seized 72 trillion won in illegal foreign exchange transactions in the first half of the year

According to Jinshi reports, the Korea Customs Service stated on Monday that it seized illegal foreign exchange transactions worth 72 trillion won (approximately 4.92 billion USD) in the first half of the year. The service reported that from January to June this year, a total of 792 cases of illegal foreign exchange transactions were detected, involving illegal transfers of foreign exchange abroad, concealment of overseas assets, and other illegal activities. Some cases involved export companies receiving export payments in cryptocurrencies instead of legal currencies like the US dollar.

Customs Service Commissioner Lee Jong-wook stated that they will strengthen cooperation with relevant departments such as the Ministry of Strategy and Finance to address the risks posed by fluctuations in the foreign exchange market.