Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.
OECD expresses concerns over prosecutorial reform in Korea
By Lee Hyo-jin
The Working Group on Bribery (WGB) under the Organization for Economic Cooperation and Development (OECD) has expressed concerns over a controversial prosecutorial reform bill here which seeks to reduce the prosecution's investigative powers.
National Assembly Speaker Park Byeong-seug proposed a compromised version of the prosecutorial reform bill, which if bill passed, WGB chair Drago Kos was quoted as saying on April 22 that it is likely that laws stipulating the prosecution's investigative power on all crimes, including corruption, will be removed.
The OECD logo is seen in this October file photo. AFP-Yonhap
By Lee Hyo-jin
The prosecutorial reform bill aims to stop prosecutors from investigating crimes in six major categories: corruption, economic affairs, public officials, elections, the defense industry and large-scale incidents with mass casualties.
The letter was sent on the day when Park proposed a compromised version of the reform bill, in an effort to defuse the tension between the two rival parties ― the liberal ruling Democratic Party of Korea (DPK) and conservative main opposition People Power Party (PPP).
Kos expressed worries, saying that the bill must not weaken the country's ability to investigate and indict corruption and bribery suspects in the country and overseas.
The anticorruption expert also expressed worries over legislative actions at the National Assembly to pass the bill before President-elect Yoon Suk-yeol takes office on May 10. The DPK, which has a majority in the 300-member National Assembly, aims to complete all legislative procedures before Yoon's inauguration, as he is widely expected to veto the bill.
Kos is also quoted as saying that he hopes to receive additional information on the issue from the Korean government. Given the urgency of the matter, he went on to say that he would appreciate a prompt response or an opportunity to discuss the matter with related authorities.
Established in 1994, the WGB monitors the implementation and enforcement of the OECD Anti-Bribery Convention, which includes legally binding standards to criminalize bribery committed by foreign public officials under coordinated international efforts.