[Invest&Law] Daeryuk Aju Successfully Holds Foreign Exchange Transaction System Briefing Session

The Korea International Trade Association and the law firm DaeRyukAju held a briefing session on the new foreign exchange transaction system for import and export companies on the 18th at Trade Tower in Samseong-dong, Seoul.

The briefing was organized to enhance understanding of foreign exchange transaction regulations and to provide guidance on the self-inspection system for foreign exchange transactions, which was revised at the end of last year. About 150 representatives from import and export companies attended, making the event a great success.

During the briefing, presentations were given on compliance requirements under the Foreign Exchange Transactions Act that import and export companies need to know, trends in foreign exchange inspections by the Korea Customs Service, the newly implemented foreign exchange self-inspection system, and criminal risks and cases related to foreign exchange transactions. Lawyer Hwang In-wook of DaeRyukAju explained, "Many import and export companies incur fines or penalties because they fail to fully understand the complex regulations," and elaborated on the concepts, compliance requirements, and inspection items of the Foreign Exchange Transactions Act.

Cheon Hong-wook, representative customs officer of DaeRyukAju and former Commissioner of the Korea Customs Service, stated, "This revision, which strengthens corporate autonomy and responsibility, will contribute to achieving the goal of a sound foreign exchange transaction order."

Jung Hee-chul, head of the Trade Promotion Headquarters at the Korea International Trade Association, said, "We hope that through this briefing, import and export companies will accurately understand the regulations and precautions to prevent any disadvantages."

※This article is based on content supplied by Law Times.