South Korea Uncovers Illegal Foreign Exchange Transactions Worth 7.2 Trillion Won in First Half of Year
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South Korea Uncovers Illegal Foreign Exchange Transactions Worth 7.2 Trillion Won in First Half of Year
According to Cailian Press, the Korea Customs Service stated on Monday that it uncovered illegal foreign exchange transactions worth 7.2 trillion won (approximately 4.92 billion U.S. dollars) in the first half of the year. The Korea Customs Service stated that from January to June this year, a total of 792 cases of illegal foreign exchange transactions were uncovered, involving illegal activities such as transferring foreign exchange overseas and concealing overseas assets. Some cases involved export companies receiving export payments in cryptocurrency rather than fiat currencies such as the U.S. dollar, thus failing to repatriate foreign exchange proceeds from exports back to Korea.
Navigating Web3 tides with focused insightsTechFlow news, July 27, according to Cailianshe, the Korea Customs Service said on Monday that illegal foreign exchange transactions worth 7.2 trillion won (approximately $4.92 billion) were seized in the first half of the year. The Korea Customs Service stated that from January to June this year, a total of 792 cases of illegal foreign exchange transactions were seized, involving illegal activities such as transferring foreign exchange overseas and concealing overseas assets. Some cases involved export companies receiving export payments in cryptocurrency instead of fiat currencies such as the US dollar, thus failing to remit the foreign exchange obtained from exports back to South Korea.
