The Concept Of “Conflict of Interest” and the relationship of this term with “Personal Interest”

The progress and globalization of the world community are extremely dynamic and constantly changing processes. To keep up with development, the international community must ensure that all instruments and regulations are in place that provide universal definitions of the phenomena that are of greatest importance and relevance in every state. This article discusses the definition of such a phenomenon as a conflict of interest and the need to consolidate a universal definition of the situation for the correct implementation of the mechanism of legislation regulating the conflict of interests for all states. In particular, the author provides a distinction between the concepts of "conflict of interest" and "personal interest" and the issues of the need for such a distinction at the legislative level.