Lee & Ko hosts ‘Amended Legislations for Customs, Foreign Trade and Foreign Exchange Transactions’ seminar

On August 18, 2023, Lee & Ko’s Customs Practice Group held a seminar on ‘Amended Legislations for Customs, Foreign Trade and Foreign Exchange Transactions’.

In the first session, Jae Wung CHO, partner of the Customs Practice Group, introduced key amendments to the Customs Act and the Foreign Trade Act. He also covered customs-related legislation proposals that are expected to take effect next year, discussing businesswise important implications to mitigate import and export concerns.

In the second session, attorney Vin MA explained recent amendments to the Foreign Exchange Transactions Act and Regulation. He emphasized Korea Customs Service (KCS) is expected to undergo substantial changes in its regulatory practice in accordance with the "Plan to Reform the Foreign Exchange Transaction Regulations" announced on February 10, 2023.

In the third session, customs advisor Seung Hak SHIN shared valuable insights of core audit and investigation areas that KCS is likely to scrutinize. Furthermore, he shared flexible ideas to manage audit and investigation and to enhance compliance systems.