What is meant by conflict of interest?

What is meant by conflict of interest?
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If you were a politician on a planning committee, yourresponsibility would be to look after the interest of the publicwith your decisions.If however you also had some buildings you wanted to build, itwould be in your in your personal interest to get plans for thisapproved.The two interests are said to be in conflict and you shouldrecuse yourself in your political role when your planningapplication comes up for decision.This is just one example of a conflict of interest there aremany others across all walks of life.
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