Managing Conflict of Interest - Organisation for Economic Co ...

62 Managing Conflict of InterestRestrictions on Employment of Retired Public OfficialsPost-employment restrictions aim to prevent cases in which apublic official, while performing his or her duties, provides favors toany private sector enterprise in return for future employment. However,such restrictions have been carefully applied in limited casesto avoid interfering with an individual’s freedom or right to choosehis or her own profession.According to the Public Service Ethics Act, after a Grade 4 orhigher public official retires, he or she will face a two-year restrictionon employment at for-profit private enterprises. This restrictionalso applies to legal persons that are related to the areas of servicewhere he or she worked for three years leading up to retirement.Additionally, the Anti-Corruption Act stipulates that if a publicofficial is dismissed for corrupt conduct, he or she will face a five-yearrestriction on employment at public sector organizations as well asprivate sector enterprises. Similarly, this restriction also applies tolegal persons related to the areas of work where he or she workedfor three years right before the dismissal.Enforcement of the Blind-Trust SystemIn addition to the asset registration and disclosure system, somepublic officials are subject to the blind-trust system, which has beenin force since June 2006. According to this system, high-ranking officialsof Grade 4 or higher who work in the Ministry of Finance andEconomy or other financial authorities and own stocks worth 30 millionwon (USD30,000) or more are required to either sell their stocksor put them in bank trust accounts.ConclusionIn recent years, international organizations such as the UN andOECD have shared their assessments of the implementation ofinternational anti-corruption instruments, thus helping to establishglobal consensus on combating corruption. Governments now viewfighting corruption not merely as the “right thing to do” but as thekey to survival in an increasingly competitive global environment.The current Korean administration has also worked hard to prioritizethe eradication of corruption in its country. The Republic of Korearecognizes that it must root out corruption not only to establish aADB/OECD Anti-Corruption Initiative for Asia and the Pacific