Seoul: Illegal inflows and outflows of foreign currency have soared more than tenfold over the past four years, reaching a record high in the first half of 2025, data showed Sunday. The amount of foreign currency seized in such cases reached 143.5 billion won (US$102.14 million) in the January-June period, more than double the 65.5 billion won recorded for the whole of 2024.

According to Yonhap News Agency, the data compiled by the Korea Customs Service and released by Rep. Park Sung-hoon of the main opposition People Power Party highlighted the dramatic increase. Seized amounts have been on a marked rise over the years, escalating from 14.3 billion won in 2021 to 17.5 billion won in 2022 and further to 46.4 billion won in 2023.

The number of cases of illegal foreign currency trade has also grown steadily, increasing from 369 in 2021 to 537 in 2022, 678 in 2023, and 751 in 2024. In the first half of 2025, the number reached 316.

The countries involved in illegal foreign currency trade have become more dive
rse. Until 2022, the United States, Japan, and China accounted for more than half of all cases, but their combined share fell to 27 percent in 2024, while cases involving other countries, such as Vietnam, the Philippines, Hong Kong, and Mongolia, went up sharply, the data showed.

“Illegal foreign currency trade is often exploited as a means for crimes, such as drug purchases, smuggling, and voice phishing. Strong countermeasures are needed,” the lawmaker said.