A law aimed at preventing acts of "conflict of interest" by public officials is set to take effect on Thursday.
 
The core intention of the law, known as the Prevention of Conflict of Interest Related to Duties of Public Servants Act, is to prohibit officials from taking personal gains using information gained while on the job.
 
Anti-Corruption and Civil Rights Commission(ACRC) Chairperson Jeon Hyun-heui announced a plan on Wednesday to carry out an inspection of high-level officials in the second half of the year to determine whether they have followed the ten regulations as stated by the law.
 
Following the law's implementation, which would apply to some two million officials, Jeon said it would be possible to systematically manage conflict-of-interest situations that may be faced by public servants.  
 
Under the law, high-level public officials will be required to submit their activity records in the private sector over the previous three years to the organizations they belong to within 30 days of their appointment. 
 
Officials at local governments can be subject to up to seven years in prison or a fine of up to 70 million won if they earn profits in real estate by providing undisclosed information about urban planning to their relatives.
 
The National Assembly passed the law last year after land speculation allegations involving employees at the state-run Korea Land and Housing Corporation had angered the public.