"'LH Incident Prevention' National Assembly Conflict of Interest Prevention Act Finally Revised"

Enforcement of National Assembly Act Including Conflict of Interest Ban Since May Last Year
Lack of Detailed Regulations Raises Effectiveness Concerns
Political Reform Special Committee to Discuss with Urgency

[Asia Economy Reporter Naju-seok] Despite criticisms that it was 'useless' even after the legal amendment, the establishment of regulations related to conflict of interest prevention for members of the National Assembly has gained momentum. The National Assembly's Special Committee on Political Reform announced plans to promptly establish related National Assembly rules after consulting opinions from ruling and opposition party members.

On the 25th, Jeon Jae-su, chair of the National Assembly's Political Reform Special Committee's Subcommittee on National Assembly Advancement, told reporters after the subcommittee meeting, "Although the Conflict of Interest Prevention Act for public officials and the National Assembly Act have already been passed, the National Assembly rules have not yet been enacted, causing obstacles to the smooth implementation of the Conflict of Interest Prevention Act," adding, "We will urgently enact the rules and proceed with discussions at a rapid pace to ensure smooth implementation."

Since May 30 of last year, the amended National Assembly Act prohibiting conflicts of interest for members of the National Assembly has been in effect. This amendment drew attention as it was prepared in response to the 'LH Incident,' where employees of Korea Land and Housing Corporation (LH) were suspected of speculation using insider information. According to the amended National Assembly Act, not only the members themselves but also their families must register their interests with the Ethics Review Advisory Committee, and if they become aware that an organization related to the member may gain benefits or suffer disadvantages during agenda review, national audits, or investigations, they are required to report it.

However, even after the law's passage, related National Assembly rules detailing the specifics were not established, leading to continued criticism that the law was 'useless.'

[Image source=Yonhap News]

Regarding this, Representative Jeon said, "We have agreed to schedule further subcommittee meetings to proceed with detailed discussions," adding, "Since the contents related to preventing conflicts of interest among members of the National Assembly are very broad and there are opinions that the scope of disclosure and registration require gathering members' views, we will collect opinions from each negotiation group and also consult among floor leaders." Although the Political Reform Special Committee intends to accelerate the process, it ultimately requires procedures such as gathering members' opinions and the 'decision' of the ruling and opposition floor leadership.

Meanwhile, concerning the operation of the subcommittee, Representative Jeon said, "We will schedule meetings as soon as possible to proceed with discussions rapidly," adding, "Considering events such as the People Power Party leadership election, we will allocate as much time as possible to discussions."