Finance, media, prosecutorial functions reorganized in South Korean government shake-up

( September 8, 2025, 08:24 GMT | Official Statement) -- MLex Summary: South Korea has unveiled a sweeping government reorganization designed to align state functions with President Lee Jae Myung’s core agenda of innovation-led growth, citizen-centered governance and structural readiness for future risks such as disruption caused by artificial intelligence. The overhaul includes splitting the Ministry of Economy and Finance into a new planning and budget ministry and a restructured finance ministry tasked with economic policy, taxation and treasury functions, while creating an independent Financial Supervisory Commission with oversight of financial regulation. A new Broadcasting, Media and Communications Commission will absorb dispersed oversight functions following the abolition of the Korea Communications Commission. Prosecutorial and investigative powers will be separated through the establishment of a Public Prosecution Office under the Justice Ministry and a Serious Crimes Investigation Office under the Interior Ministry. Other changes include elevating the patent office to an independent intellectual property agency and restructuring AI governance under a newly appointed science deputy prime minister. The reforms require legislative approval and are slated to take effect from early 2026.The statement from the Ministry of the Interior and Safety, in Korean, is attached....