Bangladesh, Sept. 5 -- South Africa has recovered more than half a billion dollars in assets and funds linked to corruption. On paper, that is an achievement worth recognizing. The countrys Asset Forfeiture Unit (AFU) says it has recovered 8.3 billion rand-about $519 million-in corruption-related assets and funds, up from roughly R6 billion reported a year earlier.

That increase suggests that state institutions are becoming more capable of tracing, freezing and recovering the proceeds of corruption.

But there is an uncomfortable question that South Africa can no longer avoid:

Where are the convictions?

Recovering stolen money is important. It protects the public purse and prevents criminals from enjoying the financial rewards of their...