Korea Customs Service seized illegal foreign exchange transactions worth 7.2 trillion KRW in the first half of the year

According to Yonhap News Agency, the Korea Customs Service announced on Monday that illegal foreign exchange transactions worth 7.2 trillion KRW (approximately $4.92 billion) were seized in the first half of the year. From January to June this year, the Korea Customs Service uncovered 792 cases of illegal foreign exchange transactions, involving activities such as illegally transferring foreign exchange abroad and concealing overseas assets. Some cases involved export companies accepting export payments in cryptocurrency rather than legal tender such as the US dollar, thereby failing to remit the foreign exchange earnings from exports back to Korea. Lee Jong-wook, Commissioner of the Korea Customs Service, stated that the Customs Service will strengthen cooperation with the Ministry of Economy and Finance of Korea and other relevant departments.