Conflict of Interest Prevention Act Likely to Be Passed on the 29th (Comprehensive)

Passed Today in the Full Meeting of the Political Affairs Committee
Sanctions Including Members of the National Assembly Addressed in the National Assembly Act Amendment Bill

[Asia Economy Reporter Oh Ju-yeon] The Conflict of Interest Prevention Act, which was triggered by the Korea Land and Housing Corporation (LH) scandal, passed the full meeting of the Political Affairs Committee on the 22nd, making its passage in the plenary session on the 29th highly likely.

Seong Il-jong, Chairman of the Subcommittee on Political Affairs of the National Assembly, is reporting on the review of the "Conflict of Interest Prevention Act for Public Officials" at the plenary meeting of the Political Affairs Committee of the National Assembly on the 22nd. Photo by Yoon Dong-ju doso7@

The Conflict of Interest Prevention Act applies to public officials, employees of public institutions, local council members, and their immediate family members. The scope of public institutions was also expanded to include government-affiliated organizations. Journalists and private school faculty members were excluded from this Conflict of Interest Prevention Act. Instead, they will be regulated under the Private School Act and media-related laws, respectively, regarding conflict of interest situations. The scope of confidential information was expanded to "non-public information related to duties." Additionally, the regulations apply for three years after retirement, prohibiting the use of non-public information acquired through official duties. For public institution executives and employees whose main work involves land and real estate, they must report ownership and additional purchases of related land and real estate within 14 days, and public officials who become aware of development activities conducted by the relevant public institution must report within 14 days. This provision was newly established.

Members of the National Assembly are also subject to the Conflict of Interest Prevention Act. It includes restrictions on family hiring, restrictions on concluding private contracts, prohibition of using non-public information related to duties, reporting transactions with related parties, and restrictions on external activities related to duties. However, restrictions and penalties for conflict of interest acts by National Assembly members are separately stipulated in the National Assembly Act.

The National Assembly Steering Committee held a subcommittee and full meeting in the afternoon to discuss a total of 12 amendments to the National Assembly Act, including detailed plans for preventing conflicts of interest for National Assembly members. These include the "Restriction on Standing Committee Members" proposed by Representative Min Hyung-bae, the "Introduction of a system to review registered assets of National Assembly members and their relevance to standing committee duties" proposed by Representative Cheon Jun-ho, and the "Establishment of disqualification criteria for standing committee members" proposed by Representative Kim Nam-guk.

On the same day, Seong Il-jong, the opposition party's Political Affairs Committee secretary, said, "The Conflict of Interest Prevention Act aims to prevent conflicts between public officials' duties and private interests," adding, "Unlike other laws that impose sanctions on corrupt acts after the fact, this law is meaningful in that it prevents conflicts in advance to guarantee the public nature of public officials' duties."

Some expressed concerns that the law could view 1.9 million public officials as potential criminals.

Park Soo-young, a member of the People Power Party, said, "It is true that the LH scandal was a huge shock, but I hope we are not falling into legislative omnipotence and self-satisfaction."

In response, Kim Byung-wook, the ruling party's Political Affairs Committee secretary, said, "This applies when there is a possibility of conflict between a public official's public position and private interests," adding, "I hope there will be no misunderstandings."

This content was produced with the assistance of AI translation services.