The 792 first-half cases included crypto-based export settlements, hawala-style transfers and split-account remittances that authorities said were used to evade repatriation and monitoring rules.
South Korea’s customs agency said it detected 792 illegal foreign-exchange cases worth 7.2 trillion won, or about $5.2 billion, in the first half. The findings covered direct foreign-currency outflows, illicit trade settlement using virtual assets and hawala-style transfers, and "split transactions" using virtual accounts under third-party names to stay within transfer limits. Authorities said some exporters received payment in virtual assets and failed to bring back about $65.2 million in export proceeds, while other cases involved overseas receivables being invested abroad without reporting and borrowed domestic funds being funneled into overseas real estate. The agency said some of the remitted funds were criminal proceeds linked to voice phishing and gambling, highlighting how non-bank channels and digital assets can be used to bypass South Korea’s foreign-exchange reporting and repatriation rules.