South Korean Customs Office seizes 7.2 trillion Korean won in illegal foreign exchange transactions in the first half of the year

According to Yonhap News Agency, the South Korean Customs Service announced on Monday that a total of 7.2 trillion Korean won (approximately 4.92 billion US dollars) worth of illegal foreign exchange transactions were seized in the first half of the year. The South Korean Customs Service seized a total of 792 cases of illegal foreign exchange transactions from January to June this year, involving illegal activities such as transferring foreign exchange overseas and concealing overseas assets. Some cases involve export companies receiving export payments in cryptocurrency instead of legal currencies such as the US dollar, thereby failing to remit the foreign exchange earned from exports back to South Korea. Lee Jong wook, the Director General of the South Korean Customs Department, stated that the department will strengthen cooperation with relevant departments such as the Ministry of Planning and Finance of South Korea.