By Heejin Kim and Jihoon Lee

SEOUL (Reuters) -South Korea’s National Assembly passed a law on Friday overhauling government organisations including the finance ministry and prosecutors’ office, live footage from the parliament showed on Friday.

The law aims to dismantle the nation’s prosecution service and strip the finance ministry of its power to prepare budgets, setting up new bodies to handle such tasks.

The major overhaul is part of the efforts of President Lee Jae Myung, who said during his election campaign that some public agencies had too much power.

The newly-formed finance ministry will be launched in January, according to the assembly. The ministry’s budget office will be under the control of the prime minister’s office.

The Ministry of Trade, Industry, and Energy will spi

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