Prohibition of Private Gain from Job-Related Information... Conflict of Interest Prevention Act Passes Judiciary Committee

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[Asia Economy Reporter Kim Heung-soon] The National Assembly's Legislation and Judiciary Committee held a plenary session on the 29th and passed a bill to prevent conflicts of interest, which prohibits public officials, including members of the National Assembly, from pursuing private interests using work-related information.

They also approved an amendment to the National Assembly Act, known as the 'National Assembly Members Conflict of Interest Prevention Act.' This bill requires public officials engaged in transactions related to their duties to report or recuse themselves from conflicts of interest in advance. Public officials who gain benefits using undisclosed information face up to 7 years in prison.

Those classified as 'high-ranking public officials,' such as vice minister-level officials and members of the National Assembly, must submit their private sector experience from the past three years before appointment. This information can be disclosed.

In the case of National Assembly members, within 30 days of election, they must also register the status of stock and real estate holdings of themselves, their spouses, and direct ascendants and descendants, as well as their private sector experience. Based on the review results of the National Assembly Ethics Review Advisory Committee regarding the registration materials, restrictions may be imposed on appointment to standing committees.

The National Assembly will immediately hold a plenary session to vote on the Conflict of Interest Prevention Act.

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