The Office of the Foreign Investment Ombudsman would like to inform you that the Act on the Prevention of Conflict of Interest in Public Office, promulgated on May 18, 2021, will be implemented on May 19, 2022.

The act includes provisions such as prohibited use of official secrets (Article 14), penalties for any violations (Article 27), etc. According to the act, for example, a public official who uses confidential or undisclosed information learned during the performance of his/her duties to acquire property or profit, or who causes a third party to acquire property or property, shall be punished by imprisonment for not more than 7 years or by a fine not exceeding 70 million won.

As it was introduced via the newsletter, the Office of the Foreign Investment Ombudsman fully guarantees your confidentiality throughout the whole process, whether it was face-to-face meeting or zero-contact consultation.

For more information, please visit the Korean law Information Center; https://law.go.kr/

Attachment: Newsletter -  the Act on the Prevention of Conflict of Interest in Public Office