Yeo and the Political Affairs Committee Urge Prompt Passage of the Public Officials Conflict of Interest Prevention Act

[Asia Economy Reporter Kim Cheol-hyun] As allegations of land speculation by employees of the Korea Land and Housing Corporation (LH) on the sites planned for the 3rd phase new towns have surfaced, the ruling party announced that it will promptly pass the Conflict of Interest Prevention Act to prevent recurrence.

On the 9th, members of the ruling Democratic Party belonging to the National Assembly's Political Affairs Committee held a press conference at the National Assembly, stating, "To prevent misconduct by public officials in advance, it is necessary to promptly pass the Conflict of Interest Prevention Act for public officials, which is currently pending in the Political Affairs Committee's bill review subcommittee," and emphasized, "We will prioritize its passage."

The bill includes ▲ reporting and avoidance of private interests related to official duties, imposing obligations to avoid interested parties ▲ submission and disclosure of private sector work activities for three years prior to appointment of high-ranking public officials ▲ confiscation and recovery of acquired profits ▲ restrictions on public officials' related side activities ▲ prohibition of acquiring financial benefits through the use of confidential information obtained in the course of duties. The government’s proposal was submitted to the full Political Affairs Committee meeting in February.

Kim Byung-wook, the ruling party's secretary of the Political Affairs Committee, explained, "The basic purpose of the Conflict of Interest Prevention Act for public officials pending in the Political Affairs Committee is to require public officials to report private interests related to their official duties to prevent acts of pursuing private gain and to ensure fairness in performing their duties by introducing post-facto penalties."

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