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South Korea Detects 2.4 Trillion Won in Illegal Foreign Exchange Deals
South Korea uncovered 2.4 trillion won worth of illegal foreign exchange transactions through May. The finance ministry, customs service and tax agency pledged tighter coordination. Officials cited a record trade surplus and improving market balance.
Jul 14, 1:11 AM·1m read1 source
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South Korea detected 2.4 trillion won, equivalent to US$1.61 billion, in illegal foreign exchange transactions through May, Yonhap reported. The Ministry of Finance and Economy announced the findings July 14 during a meeting with foreign exchange-related agencies. The Korea Customs Service referred 84 cases involving illegal foreign exchange transactions to prosecutors through May.
The finance ministry, the customs service and the tax agency vowed to strengthen coordination to root out offshore tax evasion and track illicit foreign currency flows. Lee Hyung-ryul, director general for international finance at the ministry, said the supply-demand balance in the foreign exchange market is gradually improving, supported by foreign currency inflows from exporters.
Lee added that South Korea is expected to undergo a structural shift in foreign currency supply in the second half, supported by its strong economic fundamentals, as demonstrated by a record trade surplus of US$138.3 billion in the first half of 2026.
The announcement was made amid growing concerns over illegal transactions following the Korean won's recent slide against the U.S. dollar.
