Recovery of Criminal Proceeds by Prosecutors Nears 500 Billion Won... Surge in Extradition of Overseas Fugitives
Recovered 139.6 Billion Won in Criminal Proceeds Last Year
Ministry Pushes for Introduction of "Independent Confiscation System"
Number of Overseas Fugitives Repatriated Quadruples
ISDS Response Achievements Also Highlighted
The Ministry of Justice announced on May 25 that it recovered 139.6 billion won in criminal proceeds last year and repatriated 274 criminals who had fled overseas back to Korea.
According to the Ministry of Justice, from 2022 to March this year, the total amount of criminal proceeds confiscated by prosecutors reached 495.8 billion won, averaging about 120 billion won per year.
The Ministry of Justice explained that methods for concealing criminal proceeds have recently become more sophisticated, utilizing virtual assets, borrowed-name accounts, and overseas assets. Accordingly, the ministry emphasized the need to introduce an "independent confiscation system" that would allow for the confiscation and collection of illegal assets even if the suspect is deceased or their whereabouts are unknown. A proposed amendment to the Act on Regulation and Punishment of Concealment of Criminal Proceeds, which includes these measures, passed the National Assembly's Legislation and Judiciary Committee last month and is now awaiting a plenary session vote.
The number of extraditions of fugitives from overseas also increased significantly. The Ministry of Justice stated that, through strengthened cooperation with foreign judicial authorities, the number of individuals repatriated rose from 70 in 2022 to 274 last year. As of last month this year, 97 people have also been brought back to Korea, including a married couple who committed "romance scam" crimes and Park Wang-Yeol, known as the "drug king" of the Philippines.
The Ministry of Justice also mentioned its achievements in responses to international investment disputes (ISDS). The government has recently won a series of ISDS cases against Chinese investors, Lone Star, Elliott, Schindler, and others. However, there remains potential for additional disputes, as U.S. shareholders of Coupang recently submitted a notice of intent to pursue ISDS proceedings against the Korean government.
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The Ministry of Justice emphasized the importance of expanding specialized personnel in the fields of international arbitration and investment treaties, underscoring the need for relevant legislation.
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