The South Korean government has launched a task force focused on combating real estate fraud.
The Chosun Daily reports the Office for Government Policy Coordination announced the “Real Estate Supervision Task Force” in the wake of disruptive activities in the nation’s real estate market.
The task force was introduced as a “permanent organization aimed at concentrating inter-ministerial capabilities to intensively respond to real estate crimes that threaten the livelihoods of ordinary citizens and youth and severely damage the people’s economy.” In a statement, the government cited “artificially inflating home prices, false transaction reports, and fraudulent subscriptions” as the main concerns that sparked the task force’s creation.
The government’s statement on the task force added, “Going forward, the task force will be responsible for establishing a real estate illegal activities supervision organization, sharing and cooperating on inter-ministerial investigations and probes into illegal activities, and operating a council to respond to real estate illegal activities. It will particularly oversee all practical preparations for the establishment of the supervision organization, including legislation and revision of laws, organizational design, and securing personnel and budgets.”
