[Alpha Biz= Kim Minyoung] Ministry of Economy and Finance said it has uncovered more than KRW 600 billion (about $600 million) in illegal foreign exchange transactions through a government-wide task force launched earlier this year.

At a meeting held on April 30, the ministry reviewed progress with key agencies including the National Intelligence Service, National Tax Service, Korea Customs Service, Financial Supervisory Service, and Bank of Korea.

Authorities identified a small overseas remittance operator that illegally transferred around KRW 400 billion abroad, primarily linked to profits from online gambling sites. The firm allegedly used multiple virtual accounts capable of receiving third-party deposits and has been referred to prosecutors on charges including operating an unregistered foreign exchange business.

In a separate case, another group was caught processing roughly KRW 200 billion in export payments—related to used cars and auto parts—without proper reporting, using a “hwanchigi” (illegal remittance) scheme. The operators reportedly received payments in cryptocurrency from overseas buyers, converted them into cash, and remitted Korean won to exporters after deducting fees.

Authorities are also investigating a domestic scrap exporter accused of underreporting export prices and funneling the difference back into Korea through illegal channels. The gap between domestic and reported export prices was found to be as high as eightfold.

The task force, launched on January 15, coordinates enforcement by sharing intelligence across agencies. The Financial Supervisory Service passes suspected illegal remittance cases to the Customs Service for investigation, while the National Tax Service is examining potential tax evasion. The intelligence agency provides cross-border crime data, and financial authorities are working on improving monitoring systems and regulatory frameworks.

 

 

 

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