South Korean Customs Office works with Hong Kong’s Customs Department to combat illegal foreign exchange transactions
On February 16, in order to crack down on illegal foreign exchange transactions related to virtual assets (cryptocurrency), the Korean Customs Office decided t…
On February 16, in order to crack down on illegal foreign exchange transactions related to virtual assets (cryptocurrency), the Korean Customs Office decided to promote the exchange of foreign exchange crime information with the customs authorities of Hong Kong, China. Yoon Tae-sik, the director of the South Korean Customs Department, held bilateral talks with He Pei-shan, the head of the Hong Kong Customs Department, in Hong Kong yesterday and discussed these plans.
South Korea and Hong Kong strengthen cooperation to combat illegal foreign exchange transactions related to cryptocurrencies
Interpretation of the news:
On February 16, the South Korean Customs Office announced that it will collaborate with the Hong Kong Customs Department to crack down on illegal foreign exchange transactions related to virtual assets or cryptocurrency. The Korean Customs Office aims to promote the exchange of foreign exchange crime information with the customs authorities of Hong Kong, which is a popular gateway for global money laundering and fraud schemes.
Yoon Tae-sik, the director of the South Korean Customs Department, held bilateral talks with Hong Kong Customs Department head, He Pei-shan, in Hong Kong to discuss strengthening information-sharing plans. Both sides agreed to establish regular communication and cooperation channels for the exchange of intelligence on currency trading linked to virtual assets.
This partnership comes after a series of high-profile financial fraud involving cryptocurrency in South Korea. Despite strict cryptocurrency regulations, investors have flocked to cryptocurrency exchanges, which have become a prime target of cybercriminals. In 2019, the South Korean government introduced strict legislation for crypto exchanges, making them subject to various reporting guidelines and compliance requirements. Similarly, the Hong Kong government has also tightened regulation around cryptocurrency trading by forcing exchanges to obtain a license and follow strict anti-money laundering rules.
According to Korean authorities, Hong Kong is a significant transit hub for crypto-related fraud, and the cooperation of both customs authorities is crucial to fighting illegal activities. By working together, both governments can share confidential financial data, prevent and investigate potential crimes, and determine the origin of illegal funds.
In conclusion, the South Korean Customs Office and Hong Kong Customs Department’s cooperation aims to reduce illegal foreign exchange transactions related to cryptocurrency by enhancing information-sharing measures. This partnership will also help protect investors against financial fraud and reinforce greater market integrity. With the growing use of virtual assets, it is important for governments worldwide to collaborate to prevent cryptocurrency-related crimes.
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