"Public Officials Conflict of Interest Prevention Act" to be Enforced on the 19th... Up to Maximum Imprisonment for Violations

[Asia Economy Sejong=Reporter Son Seonhee] The 'Conflict of Interest Prevention Act' targeting over 2 million public officials will be enforced on the 19th of next month. If a public official fails to avoid duties where they have a private interest or gains personal benefits using information related to their duties, they will face sanctions including disciplinary action, criminal penalties, fines, and recovery of unjust profits.

Jeon Hyun-hee, Chairperson of the Anti-Corruption and Civil Rights Commission, held a briefing at the Government Seoul Office on the 2nd, stating, "Until now, even if heads of agencies or high-ranking public officials were found violating the code of conduct, there was no definitive disciplinary authority, so they did not face substantial punishment. The Conflict of Interest Prevention Act applies legal punishment provisions to high-ranking public officials as well, ensuring effectiveness." The law applies to all public officials and 14,900 public institutions.

The Conflict of Interest Prevention Act was enacted in May last year after about nine years of legislative efforts. The momentum accelerated following the so-called 'LH incident,' where some employees of Korea Land and Housing Corporation (LH) were found involved in land speculation early last year. With the enforcement of this law, it is expected that public officials' private interests will no longer hinder fair performance of duties, and real estate speculation related to public officials' duties will be prevented and managed. Furthermore, the Anti-Corruption and Civil Rights Commission expects significant improvement in the practice of pursuing private gains using public officials' positions and authority.

If a public official acquires real estate using undisclosed information and gains a profit, the official will face disciplinary action and imprisonment of up to seven years or a fine of up to 70 million KRW. If a third party such as a relative illegally profits, they will face imprisonment of up to five years or a fine of up to 50 million KRW.

Additionally, the law covers ten items including ▲ reporting private contacts of retirees ▲ restrictions on external activities related to duties ▲ limitations on family hiring ▲ restrictions on private contracts ▲ prohibition of private use or profit from public institution goods, among others.

Chairperson Jeon said, "The Conflict of Interest Prevention Act is a law that enables public officials to perform their duties justly without psychological conflict in conflict of interest situations and ensures that the public is guaranteed fair results of duty performance. We will actively strive for the stable establishment of the Conflict of Interest Prevention Act so that Korea can leap forward as a clean advanced country ranked within the top 20 in the National Integrity (CPI) worldwide."

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