The Korea International Trade Association (KITA, Chairman Jin-sik Yoon) held a 'New Foreign Exchange Transaction System Briefing Session for Export/Import Companies' in collaboration with law firm Daeryun Aju at the Trade Tower in Samseong-dong, Gangnam-gu, Seoul on the 18th.
This briefing session, attended by approximately 150 export and import company officials, was designed to increase understanding of foreign exchange transaction laws and provide guidance on the foreign exchange transaction self-inspection system revised at the end of last year.
The briefing session included presentations on ▲Foreign Exchange Transactions Act compliance matters that export/import companies should know and the importance of compliance ▲Major trends in Korea Customs Service foreign exchange inspections and the newly implemented foreign exchange self-inspection system and response measures ▲Criminal risks in foreign exchange transactions and actual cases.
Attorney Hwang In-wook of Daeryun Aju Law Firm said, “Export/import companies must fulfill their obligations such as pre-reporting, post-reporting, and post-management in accordance with the Foreign Exchange Transactions Act when conducting foreign exchange transactions, but they often end up paying fines or penalties due to not being familiar with the complex laws and regulations.” He explained the basic concepts of the Foreign Exchange Transactions Act, compliance matters, and key checklist items when conducting foreign exchange transactions.
“Establishing a sound foreign exchange transaction order has been an important policy goal of past governments, and its importance has grown even more with the recent surge in the exchange rate and large-scale illegal foreign currency remittances,” said Hong-wook Cheon, a customs broker at Continental Korea, who served as the 28th Commissioner of the Korea Customs Service. “This revision, which expands and improves foreign exchange inspections in the direction of strengthening corporate autonomy and responsibility, will contribute to the Korea Customs Service achieving this policy goal.”
Hee-chul Jeong, head of the Trade Promotion Division at the Korea International Trade Association, said, “I hope that this briefing session will help export and import companies accurately understand the laws and regulations and precautions they need to be aware of when conducting foreign exchange transactions, thereby helping them prevent disadvantages resulting from violations of the law.”
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