Promote mandatory reporting of real estate transactions for public officials and employees of public institutions

Government task force launched… Public officials below Level 5 for real estate related business are also subject to reporting
Third parties who participated in illegal activities other than public officials also reviewed the punishment… Announcement as early as this month

[아시아경제 주상돈 기자] The government is promoting the establishment of a system such as a real estate registration system and a reporting system for public officials and executives of public institutions related to real estate policy in the wake of the speculation of employees of Korea Land and Housing Corporation (LH).

According to the government on the 14th, 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 established a task force (TF) and started to prepare measures to eradicate speculation.

Measures to eradicate speculation are expected to be announced as early as this month. Countermeasures are prepared by focusing on four areas: prevention of speculation, detection, punishment, and recovery of unfair gains. In order to prevent and detect, first of all, it is reviewing the simultaneous implementation of the real estate registration system and reporting system. In the case of real estate policy related persons, the subject of the current property registration obligation system for public officials based on the current level 4 or higher is expanded to all public officials and executives and employees of public institutions. The 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 the agency whenever they make a real estate transaction.

The reinforcement of penalties and unfair gains will be applied to both public and private illegal transactions. It is being discussed how to redeem up to five times the unfair gains obtained from illegal transactions. Hong Nam-ki, Deputy Prime Minister of Economy and Ministry of Strategy and Finance, said at a meeting of ministers related to the real estate market inspection on the 12th, “We will recover more than that for unfair gains.”

The government is expected to review not only illegal acts such as speculation directly committed by business officials, such as public officials and employees of public institutions, but also ways to punish third parties who participated in illegal activities by receiving information from them.

Apart from the measures prepared by the government, related legislation is actively being discussed in the National Assembly. An amendment to the Public Officials Ethics Act, which expands the subject of property registration obligations, an amendment to the Special Public Housing Act, which recovers public housing-related information leakage penalties up to five times the profits obtained, and an amendment to the LH Act, which prohibits LH executives and employees from using undisclosed information, etc. All.

Reporter Joo Sang-don [email protected]