A Year Ago, Yoon Talked About 'Making a Living'... On the 1st Anniversary, He Mentioned the Harms of the Moon Administration

Avoided Mentioning 'Geom Su Wan Bak' During President-Elect Period
But Criticized Moon's Prosecutorial Reform on Fraud and Drugs Ahead of 1st Anniversary
Yoon Government Restores Securities Crime Unit and Achieves Drug Investigation Results
Swift Relief for Jeonse Fraud Victims
Consecutive Current Account Deficits Despite Reassurance
Lack of Public Consolation and Outlook Amid Declining Livelihood Indicators Such as Inflation, Tax Revenue Shortfall, and Growth Rate

At the Cabinet meeting chaired by President Yoon Suk-yeol on the 9th, he pointed out the damages caused by the previous Moon Jae-in administration's prosecution reform and the abolition of the Securities Crime Joint Investigation Unit, highlighting the current government's efforts to restore the original state. This statement is interpreted as different from his remarks last year regarding the prosecution-related questions on the complete removal of prosecution investigation rights (known as "Geomsu Wanbak"), when he said, "I will focus on the people's livelihoods," avoiding mention of prosecution issues. However, there were criticisms that detailed explanations on worsening economic indicators such as public anxiety due to high interest rates and inflation, current account deficits, tax revenue shortages, and downward revisions of economic growth forecasts were lacking.

During the Cabinet meeting held at the Yongsan Presidential Office that morning, President Yoon criticized, "The weakening of the financial market monitoring system symbolized by the dismantling of the Securities Crime Joint Investigation Unit has allowed virtual asset crimes and financial investment fraud to run rampant," adding, "Just as fake peace relying on the goodwill of enemies rather than peace through strength is fragile, the disabling of the monitoring and detection system relying on the goodwill of criminals has pushed many socially vulnerable people into the abyss of despair."

Regarding the surge in drug crimes during the Moon Jae-in administration, he stated, "Everyone witnessed the results of the significant weakening of law enforcement against drug organizations and distribution during the prosecution reform process of the previous government," and explained, "Since our government took office, we have been working to restore law enforcement power against major drug crimes and established a joint investigation headquarters between the prosecution and police to create a drug-free country." He also pointed out, "The anti-market and abnormal policies of the previous government that caused rapid housing price increases and market disruption became the breeding ground for jeonse (long-term lease) fraud." President Yoon pledged to do his utmost to protect ordinary citizens and the vulnerable through large-scale crackdowns on jeonse fraud, virtual asset fraud, and drug crimes.

President Yoon Suk-yeol is speaking at the Cabinet meeting held on the 9th at the Yongsan Presidential Office Building in Seoul.
[Photo by Presidential Office Press Photographers]
[Image source=Yonhap News]

In fact, the Yoon Suk-yeol administration has shown results in these investigations during its first year. The recently revived Seoul Southern District Prosecutors' Office Financial Securities Crime Joint Investigation Unit arrested Ra Deok-yeon, CEO of H Investment Consulting, who was identified by investors affected by the Soci?t? G?n?rale (SG) securities-related stock price crash as a key suspect in stock price manipulation. Regarding the first case, the Terra-Luna crash, the co-founders have also been brought to trial, and the prosecution is competing with the United States to extradite Kwon Do-hyung, who is currently on trial in Montenegro for passport forgery and other charges.

Declaring a strengthened crackdown on drugs, the government is waging a war against drugs. In May last year, after the Democratic Party of Korea passed the "Geomsu Wanbak" law that reduced the prosecution's investigation rights in corruption and economic crimes, the Ministry of Justice expanded the scope of investigations through amendments to enforcement ordinances. From January to February this year, drug offenders increased by 32.4% compared to the same period last year, and the quantity of seized drugs rose by 57.4% year-on-year. Including both drug users and dealers, one in every 100 citizens is involved in drug crimes, and the prosecution is determined to investigate and punish with a last-resort mindset.

Regarding jeonse fraud, the Ministry of Land, Infrastructure and Transport launched the "Jeonse Fraud Victim Support Preparation Team" on the 9th to implement support policies as soon as three special bills related to jeonse fraud victim support, currently under discussion in the Land, Infrastructure and Transport Committee's bill subcommittee, are passed. The three special bills under discussion are: the "Special Act on the Recovery of Deposits and Residential Stability Support for Housing Tenants" (proposed by Assemblyman Jo Oh-seop), the "Special Act for the Protection of Tenants of Houses with Unreturned Rental Deposits" (proposed by Assemblywoman Shim Sang-jung), and the "Special Act on Support for Jeonse Fraud Victims and Residential Stability" (proposed by Assemblyman Kim Jung-jae). Last month, President Yoon ordered a suspension of auctions, and the government held the first meeting of the inter-ministerial task force (TF) involving the Ministry of Economy and Finance, the Ministry of Land, Infrastructure and Transport, and the Financial Services Commission to discuss the implementation of auction and public sale deferrals and victim support measures.

There were also criticisms that, aside from mentioning achievements in sales diplomacy such as strengthening the Korea-US alliance compared to a year ago, the opening remarks at the Cabinet meeting ahead of the first anniversary lacked consolation and outlook regarding the difficulties faced by the public. In a relatively recent door-stepping on October 4 last year, President Yoon reassured the public by saying, "Although there is a trade deficit, it is expected that the current account balance will show a surplus on a cumulative year-end basis." However, the trade deficit that began in March last year has continued for 14 consecutive months until April this year, and the current account balance recorded a deficit for two consecutive months for the first time in 11 years, but there was no reflection or outlook provided on this.

Although inflation has somewhat eased, core inflation remains high at around 4%. Furthermore, amid the ongoing high-interest-rate environment, with a real estate slump and poor corporate earnings, there is a looming "tax revenue shortfall," and the economic growth forecast for this year has been downgraded to 1.3-1.5%. Yet, there was no expression of concern or reflection on the public's hardships. Similar remarks continued in the closing remarks of this Cabinet meeting. In his private closing remarks, President Yoon urged Cabinet members, saying, "It is not important to quantitatively show results to the public, but it is important to show the people how the previous government acted and how we have changed things."

President Yoon Suk-yeol received a congratulatory chocolate craft gift for his first anniversary in office from athlete Choi Chang-seong at the luncheon for the 10th International Abilympics team held on the 9th at the Blue House State Guest House.
[Photo by the Presidential Office] [Image source=Yonhap News]

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