Contents
1. If you are involved in Foreign Exchange Management Act violation
2. Sentence of Foreign Exchange Management Act violation
3. What if I unintentionally involved with Foreign Exchange Management Act violation & How to react
4. How to respond to Deportation
① If you are involved in Foreign Exchange Management Act violation
Recently, there has been a noticeable increase in violations of the Foreign Exchange Transactions Act, and as a result, legal regulations have become stricter. In particular, activities such as illegal currency exchange, unauthorized remittances, and the movement of foreign currency without government approval are considered violations of the law, and can lead to severe penalties.
When it comes to crimes committed by foreign nationals, it is important to note that, in addition to criminal punishment, a violation may also be treated as a breach of the Immigration Control Act, potentially resulting in forced deportation. Therefore, it is crucial to respond quickly and appropriately if you are accused of violating foreign exchange laws.
Above all, it is essential to conduct any foreign exchange activities safely and legally. However, unjust situations may arise where an individual is unknowingly involved in illegal currency trading or implicated without intent. In today’s post, we will explain:
② Sentence of Foreign Exchange Management Act violation
Acts that Violate the Foreign Exchange Transactions Act
If a violation of the Foreign Exchange Transactions Act is detected, there is a high possibility that the individual may be subject to a forced deportation order under the Immigration Control Act. While the specific penalties may vary depending on the case, in general, violators may be fined an amount equal to or greater than the value of the illegal transaction, or sentenced to imprisonment of up to 5 years.
Even if a foreigner receives only a fine, if the authorities determine that there is a high risk of re-offending, a forced deportation order may still be issued. If a prison sentence is confirmed, the deportation procedure will be carried out after the sentence has been served. Once deported, the individual may also face a permanent entry ban, preventing them from returning to Korea.
③ What if I unintentionally involved with Foreign Exchange Management Act violation & How to react
What should you do if you transferred money to an overseas account at the request of a friend or close acquaintance, and now the transaction is suspected to be an illegal remittance?
In such cases, do not panic. It is important to clearly explain that you had no knowledge of how your friend or acquaintance intended to use the money, and to provide a detailed explanation of why you believed the transaction was legitimate.
If you have been unjustly implicated and need to resolve the issue, but find it difficult to handle on your own, it is advised to seek help from a lawyer who specializes in assisting foreign nationals.
④ How to respond to Deportation
If you are a foreign national involved in a crime—such as illegal money transfer—but feel that the situation is unjust or unfair, it is crucial to immediately seek advice from a lawyer who specializes in foreign nationals and to gather objective evidence to prove your innocence.
It’s important to focus on finding a calm and practical solution, rather than making an emotional appeal based solely on feeling wronged. This is especially important for foreigners, because once a deportation order is issued, it may become very difficult to re-enter Korea in the future. Therefore, quick and accurate action is essential.
Foreign Specialized Support at Majung Foreigner Center Multilingual consultation available in English and Chinese. Professional interpreters assist from the first consultation to the conclusion of the case. Offices in Seoul, Daejeon, Busan, Daegu, and Gwangju.
Don’t face the legal system alone. Let Majung fight for you!
