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

(1) The Korea Customs Service released data on Monday showing that from January to June this year, a total of 792 illegal foreign exchange transaction cases were uncovered, involving an amount of 7.2 trillion Korean won (approximately $4.92 billion USD). These cases involved illegal overseas transfers of foreign exchange and concealment of overseas assets, among other violations. (2) Commissioner Lee Jong-wook of the Korea Customs Service stated that, given that recent fluctuations in the foreign exchange market are regarded as one of the main risks to the Korean economy, the Korea Customs Service will strengthen cooperation with relevant departments such as the Ministry of Economy and Finance and will further intensify regulatory efforts.