Title: Republic of Korea’s Battle Against Money Laundering: An In-depth Look into the Proceeds of Crime Act (POCA)

Korea’s Commitment to Combating Money Laundering

• Republic of Korea intensifies efforts to confiscate criminal assets and prosecute illicit activities.
• FATF Recommendation 3 serves as a legislative guideline.
• International legal framework: Vienna and Palermo Conventions.

Challenges in Confiscation under Korean Criminal Law

• Criminal law confiscation limits to direct assets linked to criminal activities.
• Falls short of international standards.

The Passage of Proceeds of Crime Act (POCA) in 2011

• Enhanced confiscation regime for specific crimes.
• Article 8: Confiscation as a supplementary punishment.
• Article 9: Requirements for confiscation.

Article 8: Confiscation for Identified Crimes

• Prerequisite: Conviction or prosecution for specific crimes or money laundering offenses.

Article 9: Conditions for Confiscation

• Confiscation applies to criminals and persons acquiring property post-offense.
• Property rights preserved for right holders.

Practical Application of POCA

• Handling impracticable or inappropriate confiscation situations.
• Mutual assistance in confiscating assets and collecting equivalent value.
• International cooperation for enhancing confiscation and asset preservation.

POCA’s Impact on Narcotics Offenses

• Application of Act on Special Cases concerning the Prevention of Illegal Trafficking in Narcotics.
• Mutatis mutandis for confiscation and collection of equivalent value.

Confiscation and money laundering: a crucial fight in modern times. By enacting comprehensive legislation like the POCA, Republic of Korea continues to strengthen its commitment to anti-money laundering efforts and uphold international standards.