Seoul: The government has taken decisive action by forming a special task force aimed at tackling illegal fund transfers and money laundering associated with transnational crimes, including drug trafficking and voice phishing, as announced by the customs agency on Monday.

According to Yonhap News Agency, the task force's primary objective is to curtail the overseas transfer of illegal profits generated by criminals through unauthorized remittances, currency smuggling, and money laundering. This initiative comes in response to a recent increase in crimes targeting South Korean nationals abroad, as highlighted by the Korea Customs Service.

The task force, comprising 126 members, is set to conduct extensive investigations into virtual asset-based fund transfer crimes, leveraging suspicious transaction reports (STRs) provided by the Financial Intelligence Unit.

Authorities are also poised to intensify inspections of travelers from high-risk countries at airports and ports, aiming to thwart illegal currency transfers and clamp down on the importation of counterfeit bills and other financial instruments.

To detect and address money laundering violations, the agency plans to pinpoint individuals and companies potentially engaged in illicit financial activities. This will involve launching investigations through detailed analysis of trade transactions and overseas cash withdrawals.

Government data has revealed that over the past five years, approximately 11.4 trillion won (US$7.81 billion) in illegal fund transfer schemes have been uncovered, with 83 percent involving virtual assets. Additionally, foreign currency smuggling through airports and ports has shown a consistent rise, reaching 2.4 trillion won, while cases of money laundering and asset concealment have amounted to 400 billion won, as reported by the data.