If you’re traveling to Korea for business or leisure, carrying large sums of cash can lead to serious legal issues if not declared properly. Foreign travelers are often unaware of the strict requirements, and as a result, they risk having their cash seized by Korean customs for violating the Foreign Exchange Transactions Act. Once your money is seized, you could face fines or even lose your funds permanently.

In this post, we will focus on how foreign travelers can recover seized cash from Korean customs and explain why hiring a lawyer is critical for a swift and successful resolution.

The Legal Process for Recovering Seized Cash

The Foreign Exchange Transactions Act requires that anyone bringing in more than USD 10,000 (or its equivalent in other currencies) declare it to customs upon arrival.

The Foreign Exchange Transactions Act exists to maintain transparency in Korea’s financial transactions and to prevent illegal activities such as tax evasion or money laundering. 

Failure to declare can result in the immediate seizure of the undeclared funds, and you may be subject to penalties under the Foreign Exchange Transactions Act.  Whether or not you are aware of these requirements, you are still held accountable.

While the act of not declaring the cash might seem like a simple mistake, the legal consequences can be severe.

If your cash is seized, timely action is crucial. Once customs confiscates the money, the case is typically referred to the prosecutor’s office for further investigation. To recover seized cash from Korean customs, you’ll need to engage in a legal process that requires in-depth knowledge of Korean laws and customs procedures. This is where hiring a lawyer becomes invaluable.

A Real Case: $150,000 Seized by Korean Customs

In a recent case handled by our firm, a Japanese resident attempted to bring $150,000 into Korea without declaring it to customs. The money was legally earned and part of a business transaction outside South Korea, but since the traveler did not declare it, the entire amount was confiscated at customs. The Korean authorities immediately flagged this as a violation of the Foreign Exchange Transactions Act.

The case was escalated. The customs office forwarded the matter to the prosecution, seeking not only fines but also the complete forfeiture of the cash. Faced with the complexity of the Korean legal system and the urgency of the situation, the client sought our firm’s assistance.

We carefully reviewed the case, provided the necessary documentation to prove that the funds were legitimate, and argued that the failure to declare was an oversight rather than intentional misconduct. As a result, the court ordered the return of the entire seized cash and significantly reduced the fines.

This case underscores how a simple mistake can lead to severe legal consequences.

Why Hiring a Lawyer is Essential

If your cash is seized at Korean customs, navigating the legal system on your own can be challenging, especially if you’re unfamiliar with the language and Korean legal proceedings. A skilled Korean lawyer can:

• Ensure that all necessary documents are properly submitted to prove the legality of your funds.
• Negotiate with customs and the prosecutor’s office to reduce fines and penalties.
• Handle all legal procedures to ensure the quick return of seized cash from Korean customs.

Conclusion

If your cash has been confiscated, the sooner you act, the better your chances of recovering it without additional complications. Legal intervention can prevent prolonged investigations and help you avoid unnecessary financial losses.

Our firm has successfully assisted foreign clients from various countries to recover seized cash from Korean customs. With a deep understanding of Korea’s Foreign Exchange Transactions Act and extensive experience in dealing with such cases, we provide effective and efficient legal representation.

If you are facing similar issues and need consultation with a Korean criminal defense attorney, don’t hesitate to reach out to us. We can help guide you through the process and protect your rights under Korean laws.