A joint body under the prime minister to respond routinely to illegal real estate transactions has been officially launched.
The Office of the Prime Minister said on the 3rd that the Real Estate Supervision Task Force under the prime minister held the first council meeting on responding to illegal real estate activities.
The launch of this task force is a follow-up to the "measures to stabilize the dwellings market" announced on the 15th of last month. The aim is to marshal whole-of-government resources to respond routinely to illegal acts that disrupt the real estate market.
The task force is composed of a total of 18 people, including civil servants from the Office for Government Policy Coordination, the Ministry of Land, Infrastructure and Transport, the Ministry of the Interior and Safety, the Financial Services Commission (FSC), the National Tax Service, and the Korean National Police Agency, as well as personnel from related organizations such as the Korea Real Estate Board (KREB) and the Financial Supervisory Service.
Going forward, they will carry out as key duties: ▲ establishing a supervisory body for illegal real estate activities ▲ sharing and cooperating on investigation and enforcement information among ministries ▲ operating a council to respond to illegal real estate activities. In particular, they will handle the overall practical work for creating the supervisory body, including enacting and revising laws and regulations, organizational design, and securing personnel and budgets.
At the first council meeting held that day, ministries discussed ways to share information and build a response system to illegal activities. The council will review the progress of each ministry's establishment of the supervisory body and the results of crackdowns, and the task force plans to promptly implement the items discussed.
Kim Yong-su, second vice minister to the prime minister and Director General of the task force, said, "Cooperation and information sharing among related agencies are essential to respond effectively to illegal real estate activities," adding, "Through the task force, which includes expert personnel from each ministry, a more coordinated and swift response will be possible."
He added, "We will hold the council every other week to transparently disclose to the public the status of investigations and enforcement on illegal real estate activities, the results of measures, and the progress in establishing the supervisory body."