The Anti-Corruption and Civil Rights Commission: "Conflict of Interest Prevention Act Applies to National Assembly Members"

The person on the right is Jeon Hyun-hee, Chairperson of the Anti-Corruption and Civil Rights Commission. (Photo by Yonhap News)

[Sejong=Asia Economy Reporter Moon Chaeseok] As the Public Officials Conflict of Interest Prevention Act passed the subcommittee of the National Assembly's Political Affairs Committee, the Anti-Corruption and Civil Rights Commission announced on the 15th that "members of the National Assembly are also subject to the same Conflict of Interest Prevention Act as public officials."

The Commission released explanatory materials on the day, stating, "The 10 behavioral standards under the Public Officials Conflict of Interest Prevention Act, such as restrictions on family employment and private contract conclusion, apply equally to all public officials, including members of the National Assembly."

The 10 behavioral standards are ▲restriction on family employment ▲restriction on private contract conclusion ▲reporting ownership or purchase of real estate related to duties in affiliated public institutions ▲prohibition of using non-public information obtained through duties ▲reporting private stakeholders ▲reporting transactions with duty-related persons ▲restriction on external activities related to duties ▲submission of private sector work activity details ▲prohibition of private use or profit from public goods ▲reporting private contact by retirees.

The Conflict of Interest Prevention Act requires public officials to report private interests related to their official duties to prevent acts of pursuing private gain and to ensure fairness in performing duties by introducing post-facto penalties and other measures.

The main contents include ▲reporting and avoidance of private interests related to duty-related persons, and obligation to avoid stakeholders ▲submission and disclosure of private sector work activity details for three years prior to appointment of high-ranking public officials ▲confiscation and recovery of acquired profits ▲restriction on external activities related to public officials' duties ▲regulations prohibiting acquisition of property benefits through use of confidential information obtained through duties.

The National Assembly's Political Affairs Committee held the 2nd Subcommittee on Bill Review on the 14th and approved the Public Officials Conflict of Interest Prevention Act, which had been under full review since last month, by consensus between the ruling and opposition parties. Previously, the Anti-Corruption and Civil Rights Commission had submitted the bill to the National Assembly in June of last year.