Gov't launches task force targeting illegal fund transfers, currency smuggling
A Seoul Regional Customs official demonstrates how a criminal group illegally transferred and smuggled 137 billion won ($93.9 million) in gambling funds between Korea and the Philippines using a golf bag during a press conference held in Seoul, Aug. 21. Yonhap
The government has established a special task force to crack down on illegal fund transfers and money laundering linked to transnational crimes, such as drug trafficking and voice phishing, the customs agency said Monday.
The task force aims to prevent overseas transfer of criminals' illegal profits through unauthorized remittances, currency smuggling and money laundering amid a recent surge in crimes targeting Korean nationals overseas, according to the Korea Customs Service.
The 126-member team plans to conduct large-scale investigations into virtual asset-based fund transfer crimes by using suspicious transaction reports (STRs) provided by the Financial Intelligence Unit.
Authorities will also strengthen inspections of travelers from high-risk countries at airports and ports to prevent illegal currency transfers, while cracking down on the import of counterfeit bills and other financial instruments.
To detect money laundering violations, the agency will identify individuals and companies likely involved in illicit financial activity and launch probes through analysis of trade transactions and overseas cash withdrawals.
Government data showed that about 11.4 trillion won ($7.81 billion) in illegal fund transfer schemes has been uncovered over the past five years, 83 percent of which involved virtual assets.
Smuggling of foreign currency through airports and ports has steadily increased during the same period, reaching 2.4 trillion won, while money laundering and asset concealment cases totaled 400 billion won, the data showed.