Family Bought Land but 'Didn't Know?' Not Accepted... Strengthening Management of Real Estate Speculation by Public Officials

Legislative Notice for the Enforcement Decree of the Public Officials Conflict of Interest Prevention Act to be Implemented in May Next Year

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Moon Chaeseok]

#B, an administrative officer working at A Provincial Office, reported to the Conflict of Interest Prevention Officer that his mother, who shares his livelihood, owns real estate in the district of the 'Urban Regeneration Project' approved by the institution's business plan.

The government has announced the legislative notice of the "Public Officials Conflict of Interest Prevention Act" (hereinafter referred to as the Conflict of Interest Prevention Act), which contains provisions to prevent public officials from obtaining private benefits using undisclosed information learned in the course of their duties.

The Anti-Corruption and Civil Rights Commission announced on the 10th that it will publicly notify the enforcement decree of the Conflict of Interest Prevention Act for 40 days from today until the 20th of next month. The law was legislated eight years after the Commission submitted the bill to the 19th National Assembly in 2013, promulgated on May 18, and will be enforced from May 19 next year.

Source=Kwon Ik-wi

The law includes ten behavioral standards to prevent and manage conflicts of interest in the course of public officials' duties. According to the draft enforcement decree, public officials of public institutions directly handling real estate, and those involved in real estate development tasks such as land development and district designation, must report to the Conflict of Interest Prevention Officer within 14 days from the day they become aware that they, their spouse, lineal ascendants or descendants living together, or their spouse's lineal ascendants or descendants own or have purchased real estate within the project district.

Public institutions directly handling real estate include 16 metropolitan city and development corporations, including Korea Land and Housing Corporation (LH), Saemangeum Development Corporation, and Seoul Housing and Communities Corporation (SH). The reporting obligation applies not only to public institutions but also to central administrative agencies, local governments, and public-related organizations performing real estate development tasks, strictly managing speculative real estate activities using internal undisclosed information by public officials.

Persons who may affect the fair performance of public officials' duties are also defined as private interested parties, including △supervisors who command or oversee the public official △persons who have monetary transactions exceeding the permissible limits of the Improper Solicitation and Graft Act (excluding relatives) △former non-standing committee members who deliberated or resolved the agenda related to the public official, qualitatively affecting the fair performance of the public official's duties.

Jeon Hyun-hee, Chairperson of the Anti-Corruption and Civil Rights Commission, said, "We plan to collect broad opinions from the public and related agencies during the legislative notice period to ensure that the Conflict of Interest Prevention Act has an effective institutional foundation," adding, "We will strive for the institutional establishment of the Conflict of Interest Prevention Act."

This content was produced with the assistance of AI translation services.