N. Korean Authorities Increase Sting Operations Against Illegal Currency Traders

North Korean authorities have intensified their crackdown on illegal foreign currency trading utilizing sting operations. Coordinated efforts in Hoeryong have led to arrests, despite money changers being aware of these tactics. The crackdown exacerbates frustrations among money changers and ordinary citizens, as they struggle due to a lack of legal income options.

North Korean authorities are intensifying efforts against unauthorized foreign currency trading through coordinated sting operations. Since early March, law enforcement in Hoeryong, North Hamgyong province, has collaborated to suppress private money-changing activities, which are illegal in the country. Foreign currency transactions are only permitted at government-sanctioned locations, yet black market exchanges persist due to their more favorable rates compared to official channels.

Amid these restrictions, authorities are increasingly deploying sting operations to apprehend illegal currency traders. By utilizing informants to engage money changers, they execute arrests during transactions. Although these money changers are warned about such tactics, they often remain unable to identify undercover operatives.

On March 6, a female money changer, believed to be in her mid-40s, was apprehended during a sting in Hoeryong’s Nammun neighborhood, resulting in a loss of 20,000 Chinese yuan (approximately $2,800). After believing she was meeting a legitimate customer, authorities intervened during the exchange, seizing both the trade money and her personal funds.

Following the incident, the woman protested her treatment, arguing, “It’s my money and my business, so what’s it to you? Am I some kind of thief?” Reports indicate she was struck during the confrontation but was released after questioning, though her prior lack of offenses is of little comfort, as she remains on file for potential future action, emphasizing that the authorities are always monitoring.

The ongoing crackdown has generated considerable discontent among North Koreans, especially those engaging in money exchange. The source revealed that money changers feel resentment at being perceived as criminals despite merely providing a service for currency transactions. They voice their concerns, indicating a lack of alternative income sources provided by the government, thereby forcing them to continue in an illegal profession. This heightened scrutiny has also led to money changers becoming more selective with their customers, ultimately negatively impacting ordinary individuals who rely on such services.

In conclusion, North Korean authorities have escalated their crackdown on illegal currency trading through coordinated sting operations. Despite the risks involved, money changers continue their activities due to the lack of lawful income opportunities. The resultant frustration extends to ordinary citizens, underscoring the adverse impacts of stringent government regulations on the populace.

Original Source: www.dailynk.com