[Asia Economy Reporter Park Jun-yi] It will become possible to recover criminal proceeds from real estate investments made under false names.
On the 9th, the National Assembly held a plenary session and passed the "Act on the Regulation and Punishment of Concealment of Criminal Proceeds" amendment containing this provision. The amendment was approved with 217 votes in favor and 3 abstentions out of 219 members present.
The amendment stipulates that criminal proceeds can be recovered for all crimes punishable by imprisonment of three years or more.
This was pushed by the ruling party to address the loophole in the current law that makes it difficult to recover speculative profits made by employees, such as in the Korea Land and Housing Corporation (LH) scandal.
However, the provision to apply the law to ongoing investigations and trials was excluded due to concerns over potential unconstitutionality. Therefore, it will be difficult to apply it to the LH scandal.
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