Customs to Combat Illegal Forex Trading

      October 13, 2008 09:40

      The Korea Customs Service announced Sunday that it will crackdown on illegal foreign exchange transactions by trading businesses through to Dec. 11.
      The crackdown will target illicit foreign exchange transactions, including payment through smuggling, evading customs duties, or taking assets overseas to trade.
      KCS will examine all potential violations of the Foreign Exchange Trading Act, paying particularly close scrutiny to high-volume foreign currency purchases, exchange speculation, foreign exchange drain by the irregular means of donation remittance, and illegal remittance through the exchange manipulation of export bonds. Individuals attempting to smuggle foreign currency or gold out of the country will also be targeted.
      According to the KCS, as of late August this year, cases of illegal foreign currency outflow numbered 1,334, eight percent down from the same period last year. But, in terms of financial volume, illegitimate transactions increased 11 percent, to W1,140 billion.
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