South Korea Intensifies Crackdown on Illegal Cross-Border Fund Transfers

According to BlockBeats, South Korea's Customs Service has launched a special operation targeting illegal cross-border fund transfers linked to transnational crime. Over the past five years, the scale of illegal 'underground remittances' has reached 11.4 trillion Korean won, with approximately 83% of these transactions conducted through cryptocurrencies. Recently, authorities apprehended a group involved in the illegal transfer of funds using stablecoins like USDT, amounting to 920 billion Korean won. Additionally, the smuggling of foreign currency has been on the rise, with a total of around 240 billion Korean won involved over the past five years. In response, the Customs Service has assembled a team of 126 members to enhance the monitoring of concealed currency activities and combat illegal fund transfers and money laundering.