Prosecutors' 'Financial and Securities Crime Joint Unit' Reinstated, Accumulated Crime Proceeds Seized Total 2 Trillion Won

The Joint Investigation Unit for Financial and Securities Crimes (Joint Unit) at the Seoul Southern District Prosecutors' Office has recently accumulated approximately 2 trillion won in seizure and preservation amounts related to financial and securities crimes over the past 22 months.

On the 10th, the Seoul Southern District Prosecutors' Office announced that since the restoration of the Joint Investigation Team for Financial and Securities Crimes (Joint Team) in May 2022, the seizure and preservation amount related to financial and securities crimes reached 1.9796 trillion won. This is 4.4 times higher compared to the 444.9 billion won during the 28-month period when the Joint Team was disbanded. On a monthly average basis, the seizure and preservation amount increased by 5.7 times.

Seoul Southern District Prosecutors' Office Photo by Yonhap News

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The Joint Team, first established in 2013, was disbanded in January 2020 by then Minister of Justice Choo Mi-ae on grounds such as "collusion between prosecutors and former lawyers." However, as various new types of crimes increased in the capital market and virtual securities market, calls for the reinstatement of the Joint Team grew. Subsequently, in May 2022, when Han Dong-hoon took office as Minister of Justice, he revived the Joint Team at the Seoul Southern District Prosecutors' Office as his "first directive." The following May, the unit was renamed the "Joint Investigation Unit" and formally institutionalized.

The Joint Unit is composed not only of prosecutors but also personnel from related agencies in various fields, including the Financial Services Commission, Financial Supervisory Service, Korea Exchange, National Tax Service, Korea Deposit Insurance Corporation, and Korea Securities Depository. The number of financial and securities crime suspects indicted and detained through fast-track cases also significantly increased to 49 after the restoration of the Joint Unit, compared to 14 during the disbandment period.

A representative from the Seoul Southern District Prosecutors' Office stated, "As the specialized prosecution office for financial crimes, we will fully exert our investigative capabilities to strictly punish financial and securities crimes and hold those responsible accountable."

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