Quantcast
Sunday , August 20 2017
Breaking News
Home / Anti-Smuggling / Korea Customs uncovers $934m worth of illegal offshore transactions
Korea Customs uncovers $934m worth of illegal offshore transactions

Korea Customs uncovers $934m worth of illegal offshore transactions

SEOUL: The Korea Customs Service (KCS) has uncovered illegal currency transactions worth of more than 1 trillion won ($933.7 million) transacted through offshore tax havens.

In June, the KSC launched an investigation into the outflow of money owing to illegal foreign currency transactions, which was carried in line with the government’s strengthened measures against offshore tax evasion and underground economic activities.

According to an interim report that summarises results from the investigation up to now, the KCS has found 1.01 trillion won (US$933.7 million) worth of illegal foreign currency transactions in, tax heavens including the British Virgin Islands.

A total of 40 Korean companies were found to have been involved in those transactions. The KSC detected a total of 738.9 billion won worth of illegal foreign currency transactions involving 13 companies.