Korean authorities expose illegal Foreign Exchange
HighlightsÂ
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The Korean Times has reported that 10 people have been apprehended, suspecting their involvement in the illegal transfer of KRW 137bn to the Philippines.
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As per the Korean law, smuggling gambling-related funds overseas is a serious offence leading to legal penalties.
The Korean Customs Service exposed the network suspected of illegal transfer of gambling funds to the Philippines. As per the information from the news agency, ten members have been apprehended overall, suspecting their involvement in unauthorized foreign exchange operations.
It has been found that approximately KRW 137bn of funds have been sourced either in cash or domestic bank transfers, and have been converted to US currency and exported through luggage and golf bags.
 Authorities and the customs agency have further enforced the investigation to determine the sources of the funds involved. Other government agencies have also been informed about this illegal financial transaction of gambling funds overseas to conduct a deep enquiry.