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FSS reports rise in illegal foreign exchange deals
By Chung Joo-wonPublished : Aug. 27, 2013 - 20:14
The Financial Supervisory Service unearthed a total of 150 cases of illegal foreign exchange transactions in the first half of this year, officials said Tuesday.
The number is an increase of 26 percent from the same period last year, when 119 cases were detected, the FSS said in a statement.
These crimes were mostly caused by failing to report certain foreign currency-related financial transactions to the banks, as designated in the regulatory act, according to FSS officials.
About 65 percent of the cases involved direct overseas investment, in addition to about 13 percent from borrowing-lending and about 12 percent from deals on real estate and others.
The FSS has strengthened the monitoring of foreign currency violations since August 2012.
(joowonc@heraldcorp.com)
The number is an increase of 26 percent from the same period last year, when 119 cases were detected, the FSS said in a statement.
These crimes were mostly caused by failing to report certain foreign currency-related financial transactions to the banks, as designated in the regulatory act, according to FSS officials.
About 65 percent of the cases involved direct overseas investment, in addition to about 13 percent from borrowing-lending and about 12 percent from deals on real estate and others.
The FSS has strengthened the monitoring of foreign currency violations since August 2012.
(joowonc@heraldcorp.com)
