S. Korea plans to allow confiscation of terrorism-related funds

SEOUL, Jan. 5 (Yonhap) -- South Korea plans to amend its criminal laws to allow
authorities to confiscate funds and assets related to terrorist activities in an
attempt to boost the country's participation in international anti-terrorism
campaigns, officials said Monday.

The bill, submitted to the National Assembly, would allow the courts to forfeit
funds related to terrorist activities as well as stocks and real estates derived
from them, the Justice Ministry said.
The plan comes ahead of the country's expected entry to the Financial Action Task
Force, an anti-money laundering body under the Organization for Economic
Cooperation and Development, the ministry said.
The bill would allow South Korea to effectively verify and freeze terrorism funds
upon requests by international organizations such as the United Nations. South
Korea currently does not have laws governing such protocols.
Those withholding or deliberately concealing terrorism-related funds would be
sentenced to a minimum of 5 years in prison or fined at least 30 million won
(US$23,000), according to the bill.
The ministry also said it will be entitled, with court approval, to seize all
profits from copyright infringement operations, such as trading of pirated DVDs,
beginning in March in accordance with the country's new copyright laws announced
last month.
odissy@yna.co.kr
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