Illegal Foreign Currency Smuggling Hits 143.5 Billion Won in First Half of This Year, Highest in Five Years

Since the COVID-19 pandemic transitioned to an endemic phase and overseas travel has resumed, there has been an increase in cases of illegal foreign currency smuggling.

According to data received from the Korea Customs Service by Assemblyman Park Sunghoon of the National Assembly’s Strategy and Finance Committee on October 6, a total of 2,651 cases of illegal foreign currency smuggling were detected from 2021 through the first half of this year, amounting to 287.2 billion won.

The number of detected cases has risen annually, from 369 in 2021, to 537 in 2022, 678 in 2023, and 751 in 2024. In the first half of this year alone, 316 cases were uncovered.

The amount detected also showed an upward trend, increasing from 14.3 billion won in 2021, to 17.5 billion won in 2022, 46.4 billion won in 2023, and 65.5 billion won in 2024. In the first half of this year alone, 143.5 billion won was detected, marking the highest figure in five years.

Yonhap News Agency

The countries involved in illegal foreign currency smuggling have also become more diverse.

In 2021, the United States, Japan, and China accounted for 63% of the total amount detected at border crossings, but by last year, this proportion had dropped to 27%.

The amount detected at border crossings with the United States, Japan, and China increased from 9.8 billion won to 17.9 billion won over the past three years. However, during the same period, the amount detected in other countries surged from 4.5 billion won to 47.5 billion won.

Assemblyman Park stated, "Illegal foreign currency smuggling is often exploited as a means for crimes such as drug purchases, smuggling, and voice phishing. Therefore, urgent countermeasures are needed to address the surge in smuggling. Thorough crackdowns and close cooperation with relevant countries are essential."