Mandatory Asset Registration for LH Employees... Public Officials Ethics Act Amendment Passed in National Assembly Plenary Session

The Act on the Punishment of Stalking Crimes passed the National Assembly plenary session on the 24th. Photo by Dongju Yoon doso7@

[Asia Economy Reporters Jeon Jinyoung and Park Juni] On the 24th, the National Assembly held a plenary session and passed a bill amending the law to mandate asset registration for employees of Korea Land and Housing Corporation (LH) and related public officials.

During the plenary session, the ruling and opposition parties passed the amendment to the Public Officials Ethics Act with 217 votes in favor, 0 against, and 3 abstentions out of 220 members present.

The amendment requires employees of Korea Land and Housing Corporation (LH) and staff of public institutions related to real estate who handle real estate-related tasks or information to register their assets. When public officials engaged in real estate work register their assets, they must also provide the acquisition date, acquisition method, source of income, and the process of asset formation.

Under the current law, asset 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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