Seoul: The government has initiated an interagency task force to address illegal foreign exchange transactions in response to the ongoing depreciation of the local currency, as announced by the finance ministry.

According to Yonhap News Agency, the newly established task force includes representatives from the Ministry of Economy and Finance, along with five other government agencies such as the National Intelligence Service, the Bank of Korea, and the Financial Supervisory Service. The finance ministry emphasized that the complexity and sophistication of illegal foreign exchange transactions have increased, posing challenges for any single agency to investigate and address effectively.

The finance ministry further stated that the government intends to break down barriers between agencies, utilizing their combined expertise to monitor and expose unlawful cross-border fund flows. This initiative is part of a wider strategy to counteract the continuous weakening of the Korean won against the U.S. dollar.