Korea detected 2.4 trillion won ($1.61 bil.) worth of illegal foreign exchange transactions through May as the country stepped up surveillance against related crimes amid the volatility in the currency market, the finance ministry said Tuesday. The Ministry of Finance and Economy announced the findings during a meeting with foreign exchange-related agencies amid growing concerns over illegal transactions following the Korean won’s recent slide against the U.S. dollar. During the meeting, the Korea Customs Service said it had referred a total of 84 cases involving illegal foreign exchange transactions to prosecutors through May. The finance ministry, the customs service and the tax agency also 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 Korea is expected to undergo a structural shift in foreign curre
Korea uncovers $1.61 bil. worth of FX crimes through May
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