Employees of Real Estate-Related Organizations Including LH Also Pass Property Registration Act and Legislation Committee

[Asia Economy Reporter Park Cheol-eung] The National Assembly's Legislation and Judiciary Committee held a plenary session on the 23rd and passed an amendment to the Public Officials Ethics Act that mandates property registration for employees of Korea Land and Housing Corporation (LH).

Employees of public institutions related to real estate, such as LH, or those handling real estate information are all required to register their properties. When registering property, the acquisition date, acquisition circumstances, sources of income, and the process of their formation must be recorded.

Under the current law, property registration is mandatory only for general national public officials of grade 4 or higher, heads and deputy heads of public enterprises, standing directors, and standing auditors.

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