ENFORCEMENT DECREE OF THE ACT ON THE PREVENTION OF FLIGHT OF DOMESTIC PROPERTY
Wholly Amended by Presidential Decree No. 4519, Jan. 14, 1970
Amended by Presidential Decree No. 14438, Dec. 23, 1994
Presidential Decree No. 20674, Feb. 29, 2008
Presidential Decree No. 23161, Sep. 29, 2011
| Article 1 (Scope of Domestic Property) |
| 1. | Currencies, auxiliary currencies, and bank bills; |
| 2. | Securities and other bonds; |
| 3. | Gold, silver, platinum, and other precious metals and jewelry; |
| 4. | Foreign currencies, foreign auxiliary currencies, foreign bills, foreign bank bills, foreign securities, and other foreign bonds; |
| 5. | Other movable property and vessels. |
[This Article Wholly Amended by Act No. 23161, Sep. 29, 2011]
| Article 2 (Application for Permission for Transferring Property) |
A person who intends to obtain permission from the Government under subparagraph 1 of Article 3 of the Act shall submit a written application, stating the following information, to the Minister of Strategy and Finance: Provided, That this shall not apply where a person has obtained permission from the relevant administrative agency pursuant to the Customs Act or other Acts: | 1. | Whereabouts and destination of property; |
| 2. | Types and amounts of the property to be transferred; |
| 5. | Career details and personal guarantee letter of the applicant; |
| 6. | Other necessary matters. |
[This Article Wholly Amended by Act No. 23161, Sep. 29, 2011]
Upon receipt of an application under Article 2, the Minister of Strategy and Finance shall examine such application and grant permission only where it is not for purposes of concealing property as specified in Article 1 of the Act. [This Article Wholly Amended by Act No. 23161, Sep. 29, 2011]
| Article 4 (Procedures for Transferring Property) |
A person who has obtained permission pursuant to Article 3 shall present a permit to a customs office or other relevant agency and take necessary procedures for transferring property. [This Article Wholly Amended by Act No. 23161, Sep. 29, 2011]
| Article 5 (Examinations, etc.) |
Where deemed necessary, the Minister of Strategy and Finance may dispatch a public official under his/her jurisdiction to examine or report on the property for which an application has been filed pursuant to Article 2. [This Article Wholly Amended by Act No. 23161, Sep. 29, 2011]
ADDENDUM
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 14438, Dec. 23, 1994>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 20674, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDUM <Presidential Decree No. 23161, Sep. 29, 2011>
This Decree shall enter into force on the date of its promulgation.