Attorneys who know the Foreign Exchange Transactions Act well, please respond!

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Our company has spent a long time developing a game and is about to release it. During development, we applied new technology, so the operating method and principles are quite different from existing online games. In this case, can we still obtain intellectual property rights by registering a patent with the Korean Intellectual Property Office?

Foreign Exchange Transactions Act

customs specialist attorney

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作者: 김국일

You were caught at customs while trying to leave the country with dollars.

Like your case, there are many cases of being caught at customs after carrying funds out or into the country without reporting them to customs.

To prevent the illegal outflow and inflow of capital, when importing or exporting means of payment exceeding a certain amount, the Foreign Exchange Transactions Act stipulates that they must be reported.

The Foreign Exchange Transactions Act stipulates that means of payment (dollars, etc.) exceeding 10,000 dollars must be reported to customs when imported or exported, and if not reported and the violation amount is 30,000 dollars or less, 5/100 of the violation amount is imposed as an administrative fine.

If the omitted reporting amount exceeds 30,000 dollars, it is sent to the prosecution and you can be sentenced to up to 1 year of imprisonment or a fine of up to 100 million won, and at this stage, it is important to strongly explain that there was no malicious purpose by collaborating with a customs specialist attorney.

As such, since cases related to the Foreign Exchange Transactions Act require advanced legal interpretation and procedural responses, I recommend that you solve the problem with the help of a customs specialist attorney from the early stages.