Home > National > Social Affairs

Over $3M in smuggled silver confiscated in Q1 amid tax evasion crackdown

Published: 08 Apr. 2026, 13:08 Updated: 08 Apr. 2026, 17:19

An official shows seized silver ahead of a briefing on intensified crackdowns following an increase in silver smuggling at Incheon Airport Regional Customs in Incheon, on April 8. [NEWS1]

Customs authorities have caught 14 cases of illegal silver smuggling worth 4.56 billion won ($3.08 million) in the first quarter, according to officials Wednesday.

The seized amount during the January to March period is about 2.7 times higher in terms of value than those confiscated last year, according to the Korea Customs Service (KCS).

The agency said it will launch an intensive crackdown to strictly combat silver smuggling, which has recently been exploited as a means of tax evasion and money laundering amid rising international silver prices.

The crackdown aims to proactively block tax evasion and criminal money laundering through high-intensity enforcement.

Silver prices in the international market have surged by over 200 percent this year compared with a year earlier, reaching record levels at around $114 per ounce.

Yonhap