The government will launch a probe team to trace and confiscate criminally acquired assets hidden in foreign countries. 

According to legal circles on Thursday, the Supreme Public Prosecutors' Office will launch the pan-government investigation team on Friday to confiscate criminally acquired overseas assets.

The move comes after President Moon Jae-in ordered the establishment of such a team last week, saying hiding illegal assets abroad is an antisocial act that impairs justice and fairness. 

The probe team will comprise 17 officials from the prosecution, National Tax Service, customs service and the Financial Supervisory Service.

The team is likely to begin its investigation with possible offshore tax evasion by conglomerates or suspected secret funds of former President Lee Myung-bak or Choi Soon-sil, a confidante of impeached ex-President Park Geun-hye.