"Mandatory Reporting of Publication Event Proceeds to the National Election Commission"
On June 25, Kim MiAe, a member of the People Power Party, announced that she had submitted a bill to amend the Political Funds Act as the lead sponsor. The purpose of the bill is to institutionally block the inflow of political funds through publication events and to enhance the transparency and fairness of political funding.
This amendment aims to eradicate the practice of abusing publication events as de facto means of raising political funds rather than as part of political activities, and to strengthen the system for managing political funds.
On the 29th, at the 4th meeting of the People Power Party's Task Force to Resolve the Pediatric and Adolescent Medical Crisis held at the National Assembly, TF Chairwoman MiAe Kim is speaking. Photo by HyunMin Kim kimhyun81@
According to the amendment, all revenue from the sale of publications or participation fees generated through publication events will be classified as political funds and will be regulated under the Political Funds Act. The price of the books cannot exceed the fixed book price system or the standard market price. The number of books that can be purchased per person is also limited to one copy or one set.
Within 30 days after the event, it will be mandatory to report all income and expenditures to the National Election Commission. Violations of this requirement may result in the confiscation of all proceeds and criminal penalties.
Regarding the recent controversy involving Prime Minister nominee Kim Minseok over publication event proceeds, lecture fees, and condolence money totaling approximately 500 million won, Kim stated, "Such cases are deepening public distrust in politics." She added, "This amendment is the starting point for genuine reform to break the privileged practices of politics and to establish a political culture that is transparent before the public."
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