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In response to the suspicion of speculation by the Korea Land and Housing Corporation and LH employees, the government is promoting the establishment of a system such as a real estate registration system and a reporting system for public officials and employees of public institutions related to real estate policy.
According to the government, the Ministry of Strategy and Finance, the Ministry of Land, Infrastructure and Transport, the Ministry of Public Administration and Security, the Financial Services Commission, the National Tax Service, the National Police Agency, the Seoul Metropolitan Government, and the Financial Supervisory Service set up a task force and initiated measures to eradicate speculation.
A government official said, “We are gathering opinions from each institution on measures to eradicate speculation, centering on the Ministry of Finance,” and “We will prepare measures as soon as possible while looking at the situation that is going on, such as the speculation investigation by public officials,” he said.
Measures to eradicate speculation are expected to be announced within this month as early as this month, and it is reported that measures are mainly focused on prevention and detection, punishment, and recovery of unfair profits.
In particular, we are reviewing the parallel implementation of the real estate registration system and reporting system. Currently, the subject of the mandatory property registration system for public officials based on level 4 or higher public officials is expanded to all employees of public institutions such as level 5 or lower public officials and LH for those related to real estate policy.
In addition, the real estate reporting system is a system in which public officials and executives and employees of public institutions related to real estate policy voluntarily report to the head of a real estate transaction whenever they make a real estate transaction.
A government official said, “If we implement a registration system that regularly registers and a reporting system that reports on every real estate acquisition, we will be able to efficiently check whether real estate policy-related people are illegal.”
In addition, the reinforcement of penalties and unfair benefit recovery is applied to both the public as well as the private sector, and is considering a plan to recover up to five times the unfair gains obtained from illegal transactions.
When illegal activities are detected, the government is taking follow-up measures, such as restricting employment to real estate-related organizations and preventing the acquisition of related business licenses, and is devising measures to punish speculation through family and acquaintances.