The government has launched an interagency task force involving six institutions to strengthen its coordinated crackdown on illegal foreign exchange 

The Ministry of Economy and Finance said on Thursday that it had formed a joint task force with the National Intelligence Service, the National Tax Service, the Korea Customs Service, the Bank of Korea and the Financial Supervisory Service to respond to activities that disrupt the foreign exchange market and economic order.

The ministry explained that because illegal foreign exchange transactions have become more complex and sophisticated, responses led by a single agency face clear limitations, necessitating joint action.

It said the task force will focus on dismantling institutional barriers and leveraging each agency’s expertise to track and uncover cross-border flows of illicit funds.

The authorities plan to investigate transactions conducted outside of authorized foreign exchange banks, trade-based price manipulation, overseas asset flight through false reporting, offshore tax evasion and money laundering.