Democratic Party: "MOEF to Be Split in January Next Year... Serious Crimes Investigation Office and Public Prosecution Office Operational from September"

Han Jeongae Holds Press Briefing
"Final Draft of Government Organization Act to Be Ready This Weekend"

The Democratic Party of Korea announced on September 5 that it plans to handle the amendment to the Government Organization Act, which includes the reorganization of the government under the Lee Jaemyung administration, at the National Assembly plenary session scheduled for the 25th.

Han Jeongae, Policy Committee Chair of the Democratic Party of Korea. Photo by Yonhap News Agency

Han Jeongae, Policy Committee Chair of the Democratic Party, held a press conference at the National Assembly on this day and stated, "The government reorganization plan includes the abolition of the Prosecutors' Office and the establishment of the Prosecution Service and the Serious Crimes Investigation Agency (Jungsucheong)."

Based on the expected passage of the Government Organization Act amendment on the 25th of this month, starting from September next year-one year later-the Serious Crimes Investigation Agency will be exclusively responsible for the investigative functions previously held by the prosecution, while the Prosecution Service will be solely in charge of indictments.

The legislation to establish the Prosecution Service and the Serious Crimes Investigation Agency will be processed before September next year. During this process, issues such as the supplementary investigative authority requested by the prosecution are also expected to be addressed.

Policy Committee Chair Han emphasized, "The personnel transition to the Prosecution Service and the Serious Crimes Investigation Agency should be completed before September next year, and it would be ideal if this could be achieved during this year's regular session of the National Assembly," adding, "The sooner the Prosecution Service and the Serious Crimes Investigation Agency become operational, the better."

The Democratic Party also plans to handle the legislation to establish the Financial Supervisory Commission, which includes reorganizing the Financial Services Commission into the Financial Supervisory Commission, at the same plenary session if cooperation from opposition parties is possible.

The legislation to establish the Financial Supervisory Commission is related to the restructuring of the Ministry of Economy and Finance. Under this government reorganization, the Ministry is expected to be divided into the Planning and Budget Office and the Ministry of Finance and Economy. The Planning and Budget Office will be placed under the Prime Minister's Office. The Ministry of Finance and Economy will take over domestic financial policy, which has been managed by the Financial Services Commission, and will oversee financial policy in its entirety. The Financial Services Commission will be reorganized into the Financial Supervisory Commission, and a separate Financial Consumer Protection Agency will be newly established.

Policy Committee Chair Han said, "We will seek cooperation from opposition parties regarding the need to amend the Financial Supervisory Service Act and aim to process it together with the Government Organization Act when it is brought to the plenary session."

She also explained, "Reorganizing the Ministry of Economy and Finance into the Planning and Budget Office and the Ministry of Finance and Economy means dividing the ministry into two and transferring some functions from other ministries," adding, "However, since the Ministry of Economy and Finance must handle the budget session, the reorganization is planned to take effect on January 2 next year, after the budget process is completed."

Regarding the establishment of the Ministry of Climate and Energy, she stated, "The work related to nuclear power plant exports will remain with the Ministry of Trade, Industry and Energy," and added, "Korea Hydro & Nuclear Power is responsible for operating domestic nuclear power plants, which is also an energy-related function, so there appear to be issues to discuss."

It has not yet been decided whether Korea Hydro & Nuclear Power will be placed under the Ministry of Trade, Industry and Energy or the Ministry of Climate and Energy. Chair Han said, "We did not discuss specific public institutions during the process of revising the Government Organization Act," adding, "This will be determined in subsequent measures."