SEOUL - In a recent development, South Korea and Hong Kong have pledged to bolster their collaborative efforts in the battle against drug trafficking and financial crimes.
According to Yonhap News Agency, Commissioner Ko Kwang-hyo and his Hong Kong counterpart, Louise Ho Pui-shan, convened in Seoul on Wednesday. During this meeting, they signed a memorandum of understanding (MOU) that enhances the collaborative efforts to tackle international financial crimes, including drug trafficking operations.
The MOU outlines an agreement to intensify the exchange of information and to conduct joint investigations into offenses such as money laundering, which increasingly involves virtual assets. Moreover, the agreement includes a commitment to share policy measures related to the prevention of drug smuggling and to cooperate more closely on this front.
In addition to drug and financial crimes, the KCS disclosed that South Korea proposed increased collaboration on addressing the infringement of intellectual property rights through online transactions. This effort is anticipated to foster a more conducive business environment and to stimulate trade between the two regions.
Government statistics indicate a substantial rise in drug smuggling in South Korea, with a 30 percent increase in drug seizures amounting to approximately 493 kilograms in the first nine months of the current year.