Korea Customs Service Commissioner: Considering Establishing a Virtual Asset Analysis Department at Seoul Customs

Jinse Finance reported that Lee Myung-koo, Commissioner of the Korea Customs Service, stated on the 21st: "We are considering establishing a Virtual Asset Analysis Division at the Seoul Customs Office, and will allocate specialized personnel and enhance analytical capabilities in this field." Commissioner Lee said at the National Assembly Planning and Finance Committee's national audit that: "In the past, illegal underground remittances were mainly conducted through foreign exchange, but now the method has evolved into illegal fund transfers using virtual assets." Therefore, there is a need to strengthen regulatory and analytical capabilities. In response to concerns that "in order to circumvent U.S. customs policies, some companies are increasing the phenomenon of 'roundabout exports' by disguising the origin of goods and exporting foreign products as made in Korea," Commissioner Lee replied: "Currently, manpower invested in this area is still insufficient," and stated, "To properly address this, we will reallocate personnel, consider increasing staff if necessary, and will continue to coordinate with relevant departments to promote related work."