Details of Political Fund Act

HOME Political Parties&Funds Political Funds Details of Political Fund Act

Basic Principles

  • Basic Principles

    Article 2 provides the basic principles of the political fund as follows: First, no person may contribute or receive any political funds except by this Act. Second, political funds shall be fairly used so as not to provoke the people's suspicion, and a statement of accounts thereof shall be made open to the public. Third, the political funds shall be disbursed only to cover expenses required for political activities, not for any private expenses or unlawful purpose. Fourth, whenever someone wants to donate or disburse political funds in excess of the limit, it can only be done by using checks, credit cards and bank deposits where the real name is verifiable. However, cash transactions are allowed for political donations of under 1.2 million Won per time and disbursements within 20/100 of the total annual expenditure (10/100 of the election expense limit for election expenses), and under 500,000 Won for political funds other than the election expenses (200,000 Won for candidates and preliminary candidates for public elections), and for the election expenses it is under 200,000 Won where cash is permitted.

    Lastly, no one is permitted to donate using another person’s name or one that is not their real name, and all political funds such as paid or donated membership fees, donations or deposits etc. found in violation of the law are to be confiscated to the national treasury (Article 4, Clause 4, Article 11 Clause 4, Article 24, Clause1 )