On January 12, South Korea's National Tax Agency, led by Commissioner Im Kwang-hyun, signed a Memorandum of Understanding (MOU) with Cambodian Tax Commissioner Kong Vibol in Phnom Penh during the 5th Korea-Cambodia Tax Agency meeting. This agreement aims to facilitate the quick exchange of financial asset information concerning offshore tax evasion, particularly focusing on transnational tax crimes. The collaboration is intended to provide timely and accurate information relating to tax evasion and associated financial assets between the two countries' tax authorities.

The MOU builds upon a verbal agreement reached earlier in January when the tax agency heads of both countries met in Seoul to discuss the exchange of tax-related information on cross-border tax offenses. During this latest meeting, both commissioners emphasized the increasing sophistication of offshore tax evasion tactics, including the concealment of crime proceeds and money laundering through virtual assets. They acknowledged that effective tax information exchange is vital to counter these evolving threats.

Additionally, during his visit to Cambodia, Commissioner Im held a meeting with Korean businesses operating in the country to address their tax-related concerns and relay these issues to Commissioner Kong. He urged for maximum taxation support to assist these businesses, to which Kong Vibol promised active cooperation. This underscores the commitment of both nations to enhance tax cooperation and tackle the challenges posed by transnational tax evasion.