Assets Disclosure by Public Officials: Korea

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Declaration Processing

Which agency of government receives and processes public officials' assets declaration?

Each ministry, local governments, central banks, etc has its own Public Servant Ethic Committee PSEC, appointed by its Office of Planning and Management. This committee has nine members, of which five are from outside the department. The external members

If the officials has failed to submit declaration in time or made inconsistent declaration, does the declaration processing authority issue reminder or ask for clarifications / explanations on the declarations?

Yes, the official is allowed to resubmit the declaration if the Committee acknowledges the mistakes are due to unintentional mistakes. This correction is allowed only for a limited period.

How is the declaration's content verified?

Every single declaration is audited and verified, and 100% compliance is required. If the declaration does not match the known sources of income or if there are other irregularities then the officer’s assets are investigated. An outside agency wanting to

How long is the declaration record maintained?

Not stated in the Law