Including Publication Sales Income as Political Funds
Representative Proposal for Amendment to the Political Funds Act
On June 23, Representative Joo Jinwoo of the People Power Party introduced a proposed amendment to the Political Funds Act, known as the "Black Envelope Act," aimed at preventing the abuse of covert political fundraising through publication events.
Representative Joo announced via a press release that he would be the lead sponsor of the amendment, which would include income from publication sales as political funds.
Previously, Kim Minseok, the nominee for Prime Minister, explained that, regarding expenditures exceeding his income over the past five years, he had received cash income through events such as family occasions and publication events. In response, the People Power Party criticized Kim, accusing him of omitting assets from his disclosure reports.
According to Representative Joo, under current law, proceeds from publication events are not classified as political funds and therefore are not subject to reporting or disclosure requirements. The only restriction is that publication events cannot be held from 90 days before an election until election day.
There have been ongoing concerns that leaving open a channel through which politicians can secretly use extra income in ways the public cannot know or monitor significantly undermines transparency in politics.
In response, Representative Joo prepared this amendment by reflecting reform proposals from the Citizens' Coalition for Economic Justice and previous legislative efforts in the National Assembly. The amendment includes: ▲ incorporating publication sales income as political funds ▲ requiring notification to the National Election Commission when holding publication events ▲ prohibiting sales above the cover price and limiting purchases to 10 copies per person ▲ and mandating the reporting of income and expenditures within 30 days.
Representative Joo Jinwoo stated, "We must address legal loopholes to prevent cases like that of nominee Kim Minseok from recurring in the political sphere, and bring an end to the era of 'black money politics.'"
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