Korea detected illegal foreign exchange transactions worth 7.2 trillion won in the first half of the year

On 27 July, according to the Korean Federation, the Korean Customs Department indicated on Monday that illegal foreign exchange transactions valued at 7.2 trillion won (approximately $4.92 billion) had been detected in the first half of the year. According to the Korea Customs and Excise Department, 792 cases of illegal foreign exchange transactions were detected between January and June of this year, involving offences such as illegal foreign exchange transfers and concealment of overseas assets. Some of the cases involved the non-remittance of foreign currency from export earnings to the Republic of Korea because exporting enterprises collected the export money in a legal currency such as encrypted currency rather than the United States dollar. Lee Jong-wook, Director-General of the Korea Customs Department, stated that, given that recent foreign exchange market fluctuations had been recognized as one of the main risks to the Korean economy, the Department would strengthen its cooperation with the relevant departments, such as the Korean Ministry of Enterprise Finance。