'Kim Nam-guk Prevention Act' Passed Swiftly... Approved at Cabinet Meeting

Deliberation and Resolution of Legal Promulgation Bills at Cabinet Meeting Chaired by Korean Prime Minister
Including Special Act on Jeonse Fraud and Special Act on Gangwon-do

The full revision bill of the Gangwon Special Self-Governing Province Act, which significantly eases regulations to revitalize the regional economy of Gangwon-do, passed the Cabinet meeting on the 30th. The special law to support victims of jeonse fraud and the National Assembly members' virtual asset full investigation bill were also approved at the Cabinet meeting just five days after passing the National Assembly plenary session on the 25th.

At the Cabinet meeting presided over by Prime Minister Han Duck-soo on the same day, eight bills for promulgation were reviewed and approved, including ▲the partial amendment bill of the National Assembly Act related to virtual asset reporting, ▲the special law for supporting victims of jeonse fraud and housing stability, and ▲the full revision bill of the Gangwon Special Self-Governing Province Establishment Act.

[Image source=Yonhap News]

The amendment to the National Assembly Act, known as the ‘Kim Nam-guk Prevention Act,’ requires National Assembly members, their spouses, or direct ascendants and descendants to register a list of virtual assets exceeding a certain ratio or amount and issuers with the Ethics Review Advisory Committee. Originally, this law passed the National Assembly plenary session together with the ‘Public Officials Ethics Act Amendment,’ which included high-ranking public officials, but the Public Officials Ethics Act was excluded from the promulgation list at this Cabinet meeting. The amendment to the Public Officials Ethics Act is expected to be submitted to the Cabinet meeting sequentially after detailed content adjustments.

The special law on jeonse fraud aims to alleviate housing insecurity for victims facing eviction risks due to auctions or public sales by enacting a special law and granting them special provisions regarding auction procedures and tax collection. Additionally, the amendment to the Local Tax Act to reduce local taxes for victims of jeonse fraud, the amendment to the Real Estate Agent Act to strengthen penalties for real estate agents involved in jeonse fraud, and the amendment to the Private Rental Housing Special Act allowing registration as rental housing only if enrolled in rental deposit insurance also passed the Cabinet meeting on the same day.

The promulgation of the Gangwon Special Self-Governing Province Special Act was also approved on the same day. This law guarantees autonomy to Gangwon Special Self-Governing Province to ensure substantial local decentralization. Through this full revision, the authority of the Minister of Environment regarding environmental impact assessments, small-scale environmental impact assessments, natural landscape impact consultations, and climate change impact assessment reviews is transferred to the provincial governor, facilitating development projects in Gangwon-do.