The Korea Customs Service identified illegal foreign exchange transactions amounting to 7.2 trillion won ($4.9 billion) during the first half of 2026, following a government‑wide effort to curb foreign‑exchange market volatility.
From January to June, the agency recorded 792 violations, encompassing the illegal transfer of foreign currency abroad and the concealment of assets overseas.
Some cases involved the receipt of export proceeds in cryptocurrencies rather than legal tender, resulting in the failure to repatriate export‑generated foreign currency to South Korea.
“I instruct our staff to persistently pursue stern action against illegal foreign‑currency transfers, which undermine the government’s initiatives to stabilize the foreign‑exchange market,” Lee Jong‑wok, the agency’s commissioner, declared.
The official added that the customs agency will enhance cooperation with relevant bodies, including the Ministry of Finance and the Ministry of Economy, given the heightened volatility in the foreign‑exchange market, which poses a significant risk to the Korean economy.
Yonhap
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