Personnel Agency: "300,000 Public Officials Must Report Asset Changes by End of February"

All Virtual Assets and Virtual Asset Deposits Must Also Be Reported

The regular property change report for about 300,000 individuals required to register assets, including national and local political appointees and public officials at grade 4 or higher, will be conducted until the 28th of next month.

The Ministry of Personnel Management announced on the 1st that the '2025 Public Officials Regular Property Change Report' will be carried out through the Public Service Ethics System.

According to the Public Service Ethics Act, those obligated to register assets must report any changes in assets of themselves, their spouses, and direct ascendants and descendants as of December 31 of the previous year annually.

The subjects include national and local political appointees, public officials at grade 4 or higher, public officials at grade 7 or higher in specific fields such as police, fire services, national tax, and customs, public officials involved in real estate-related work, and executives and employees of public-related organizations.

Especially from this year, for those who consent to information provision, financial and real estate information, virtual assets, membership rights, and automobile ownership information are automatically provided, simplifying the reporting process significantly.

The assets to be reported include ownership rights, superficies rights, and leasehold rights related to real estate; cash of 10 million KRW or more (including checks); deposits, insurance, stocks; government bonds, securities, bonds, debts; and gold, platinum, etc., with a total amount of 5 million KRW or more per owner.

Jewelry worth 5 million KRW or more per item, antiques and artworks, membership rights worth 5 million KRW or more per right, intellectual property rights generating annual income of 10 million KRW or more per owner, and all virtual assets and virtual asset deposits held regardless of amount must also be reported.

Among those obligated to register, changes in assets of individuals subject to disclosure affiliated with the government, National Assembly, Supreme Court, Constitutional Court, National Election Commission, and local governments will be disclosed on the Public Service Ethics System at the end of March. A search service will be provided to look up disclosed asset information by institution name or individual name.

After the asset report, the relevant Public Service Ethics Committees, including the Government Public Officials Ethics Committee, will conduct asset reviews. If false information is recorded or if confidential information obtained through duties is used to gain financial benefits, measures such as fines, dismissal, or disciplinary action requests will be taken.

Lee Eun-young, Director of the Ethics and Service Affairs Bureau, said, "The asset registration system is a key mechanism to enhance the integrity and transparency of the public service community," adding, "We will actively support smooth asset reporting by registrants through sufficient guidance and information provision."