We commit to strengthen our asset recovery legislation, and support a broader use of regional asset recovery practitioners’ network, such as ARIN-AP which Korea holds a role of Secretariat.
Country: South Korea
Themes: Asset recovery
Last updated: December 2020
Concrete: Concrete | New: Not New | Ambitious: Somewhat Ambitious
South Korea has issued a Special Act on Confiscation and Recovery of Corrupt Property in 2019 to comply fully with the United Nations Convention Against Corruption (UNCAC). The Act includes procedures for confiscation and return of proceeds of crime both nationally and internationally, including compensation of victims
Updated: October 31, 2020
South Korea has a good asset recovery law, which was recently strengthened by the government through important amendments in August 2019.
Updated: April 30, 2020
May 2019 update Peer Reviewer Additional Notes: pg 49/50 of the OECD report: "The specialised Confiscation of Criminal Proceeds Unit set up in 2010 had grown into the Criminal Asset Recovery Division, established within the SPO on 5 February 2018 to manage domestic and foreign money-laundering and criminal asset recovery. In addition, a Criminal Asset Recovery Department was established within the Seoul DPO, and a Foreign Illicit Asset Recovery Taskforce was established under the SPO’s authority, operated jointly by competent law enforcement authorities. South Korea expects this new set-up to allow for a more pre-emptive and effective application of confiscation measures in the future."
October 2018 update: There does not seem to be any action to ‘support a broader use of regional asset recovery practitioners’ networks’. The above link outlines what the current developments in South Korea are in relation to asset recovery and there is no mention of supporting regional asset recovery practitioners’ networks nor is there is mention of strengthening legislation.