South Korea's National Tax Service (NTS) announced on 2026-07-02 that residents and domestic corporations reported overseas financial accounts and overseas trusts totaling 111 trillion won for the current year, comprising 107.1 trillion won in financial accounts and 3.8 trillion won in trusts. ^[1] Joshua Wong Chi-fung, a prominent democracy activist in Hong Kong, pleaded guilty on September 2, 2026, to the charge of conspiring to collude with foreign forces. ^[2] A Hong Kong court dismissed appeals brought by Cardinal Joseph Zen and four others regarding their convictions for failing to register a relief fund. ^[3] Overseas trusts, reported for the first time this year, were filed by 1,286 reporters totaling 3.7671 trillion won across 1,591 cases; individuals made up 97.6% of reporters but corporations accounted for 81% of the amount, with Hong Kong trusts leading at 48% of cases and US trusts at 80% of the amount. ^[4] The NTS said stock holdings in overseas accounts reached a record 61.3 trillion won, accounting for 57.2% of the total, up 13.2 trillion won from the previous year, driven by Korean companies' overseas expansion and rising valuations of overseas-listed subsidiaries. ^[5] The NTS warned that unreported or underreported overseas assets are subject to fines of 10% of the amount and said it will verify reports through international information exchange and impose penalties on those who fail to report. ^[6] As a result of the guilty plea to foreign collusion, Joshua Wong faces additional jail time. ^[7] Joshua Wong is already serving a prison sentence for the crime of subversion. ^[8] Cardinal Joseph Zen, a 94-year-old retired bishop and vocal advocate for democracy, was a trustee of the 612 Humanitarian Relief Fund. ^[9] The 612 Humanitarian Relief Fund helped pay medical and legal fees for arrested protesters until it ceased operations in October 2021. ^[10] The five defendants were found guilty and fined 4,000 Hong Kong dollars ($512) each in 2022 for breaching the Societies Ordinance. ^[11] The plea of guilty to conspiring to collude with foreign forces is described as a significant legal milestone in the crackdown on pro-democracy figures in Hong Kong. ^[12]