Sejong: Customs authorities have caught 14 cases of illegal silver smuggling worth 4.56 billion won (US$3.08 million) in the first quarter, according to officials Wednesday. The seized amount during the January-March period is about 2.7 times higher in terms of value than those confiscated last year.

According to Yonhap News Agency, the Korea Customs Service (KCS) reported that the agency plans to launch an intensive crackdown to strictly combat silver smuggling. This illegal activity has recently been exploited as a means of tax evasion and money laundering amid rising international silver prices. The crackdown aims to proactively block tax evasion and criminal money laundering through high-intensity enforcement.

Silver prices in the international market have surged by over 200 percent this year compared with a year earlier, reaching record levels at around US$114 per ounce.