South Korea's Ministry of Economy and Finance chaired the third meeting of the government-wide Illegal Foreign Exchange Transactions Response Team, urging participating agencies to take strict measures against market-disrupting conduct including the dissemination of groundless fake news and to strengthen joint enforcement against illegal foreign exchange activity. The ministry referenced its recent criminal complaint against fake-news disseminators and active participants on 2 April, and asked agencies to promptly share detected cases of fake news and other market-disrupting acts with the task force and to file police complaints. The response team brings together the National Intelligence Service, National Tax Service, Korea Customs Service, Bank of Korea and Financial Supervisory Service, and was launched on 15 January in response to increasingly complex and sophisticated illegal foreign exchange transactions, with a focus including underground remittances known as hwanchegi, cross-border settlements conducted outside banks and money laundering.
Ministry of Economy & Finance (South Korea) 2026-04-03
South Korea's Ministry of Economy and Finance convenes inter-agency task force and calls for tougher action on illegal foreign exchange transactions and fake news
South Korea’s Ministry of Economy and Finance chaired the third meeting of the government-wide Illegal Foreign Exchange Transactions Response Team, calling for stricter action against market-disrupting conduct, including groundless fake news, and stronger joint enforcement against illegal foreign exchange activity. Citing its recent criminal complaint, the ministry urged agencies, including the National Intelligence Service, National Tax Service, Korea Customs Service, Bank of Korea and Financial Supervisory Service, to promptly share cases and file police complaints, focusing on underground remittances (hwanchegi), cross-border settlements outside banks and money laundering.