Financial Crime World

Korea Enforces Seizure and Preservation Orders for Asset Confiscation

Seoul, South Korea - In an effort to prevent the disposal of assets linked to foreign crimes, the Korean courts have been issuing orders for the seizure and preservation of properties suspected to be involved in illegal activities.

Background Information

According to the Act on Special Cases concerning the Prevention of Illegal Trafficking in Narcotics, etc., the court may order the seizure or preservation of properties if there are reasonable grounds to believe that they may be confiscated. This order can prevent the disposal of such assets until a decision is rendered by the court.

The request for MLA in seizure and preservation of properties for confiscation must include specific information, including:

  • The name of the suspect
  • Charges related to the crime
  • Facts of the crime
  • Relevant laws supporting confiscation
  • Details about the properties or rights involved

Urgent Cases

For urgent cases where loss of assets is imminent, requesting countries may request preservation of assets pending an MLA agreement. The Korean authorities have established a specialized agency, the International Criminal Affairs Division, to facilitate MLA requests and coordinate with foreign law enforcement agencies.

Confiscation of Assets Acquired through Corrupt Practices

In addition, the Act on Special Cases concerning the Confiscation and Return of Property Acquired through Corrupt Practices provides for the return of assets to victims of corruption crimes in certain circumstances. The court may confiscate or collect an equivalent value of property if it is deemed exceedingly difficult for the victim to recover damages due to the offender’s inability to exercise their rights.

Asset Recovery Efforts

The Korean authorities have also established a Criminal Proceeds Confiscation Center to oversee asset recovery efforts and coordinate with international partners.

Contact Information for MLA Requests

For more information on MLA requests, please contact:

  • International Criminal Affairs Division, Criminal Affairs Bureau, Ministry of Justice, Republic of Korea

Source

Ministry of Justice, Republic of Korea