Korea Customs Targets Illegal Money Flows
Enhanced Measures to Combat Transnational Financial Crimes The Korea Customs Service is set to implement a comprehensive crackdown on the illegal transfer and laundering of funds obtained through transnational crimes, including voice phishing, illegal gambling, and drug trafficking. This initiative comes in response to a significant increase in cases where criminal organizations based overseas, particularly in Southeast Asia, have been siphoning illicit funds from domestic victims using methods such as unauthorized remittances and cash smuggling. On the 17th, the Customs Service announced that starting next month, it will conduct a special operation targeting violations of the Foreign Exchange Transactions Act. This includes monitoring the illegal movement of funds across borders and money laundering schemes that disguise illicit funds as legitimate through the abuse of trade and financial systems. Key Focus Areas of the Crackdown The crackdown will concentrate on three main areas...