On Wednesday, Ko Kwang-hyo, the Commissioner of the Korea Customs Service (KCS), and Louise Ho Pui-shan, his counterpart from Hong Kong, met in Seoul and signed a Memorandum of Understanding (MOU) to reinforce their joint efforts in combating international financial crimes and drug trafficking.
The MOU covers the sharing of information and collaborative investigations into foreign exchange and financial crimes, such as money laundering through virtual assets. Additionally, the two sides discussed policy measures on drug smuggling and agreed to cooperate more closely on the issue.
KCS also proposed stronger cooperation on ways to tackle the violation of intellectual property rights via online transactions, which is expected to help create favorable business circumstances and promote bilateral trade.
Government data shows that the amount of drugs seized in South Korea has increased by around 30 percent in the first nine months of this year, with 493 kilograms confiscated.
This photo, provided by the Korea Customs Service on Nov. 2, 2023, shows its chief, Ko Kwang-hyo, shaking hands with his counterpart from Hong Kong, Louise Ho Pui-shan, in Seoul on Nov. 1 after signing a memorandum of understanding on the joint crackdown on international financial crimes and drugs. (PHOTO NOT FOR SALE) (Yonhap)
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