South Korea and the United States have agreed to enhance collaboration in combating money laundering activities in the Asia-Pacific region. The Korea Financial Intelligence Unit (KoFIU) commissioner, Lee Hyung-ju, met with Andrea Gacki, director of the Financial Crimes Enforcement Network (FinCEN) from the U.S. Department of the Treasury in Washington.
Lee emphasized the need for increased transnational cooperation between the two countries to address money laundering activities, especially related to online scams involving Korean nationals in some Southeast Asian countries. The focus is on implementing anti-money laundering measures in partnership with the private sector for early detection of illicit financial activities.
Gacki acknowledged South Korea as a crucial strategic partner and agreed to enhance information sharing between the agencies to combat various forms of unlawful activities. Additionally, South Korea’s financial regulator announced plans for financial support packages to assist crisis-hit companies in the Middle East, aiming to alleviate their financial burdens and potential liquidity shortages.
The support measures include a total of 25.6 trillion won ($17.3 billion) in loans from policy lenders to companies affected by the Middle East crisis, along with additional support totaling over 53 trillion won from banks and other financial institutions. The financial authorities will also provide support to the steelmaking sector for business reorganization and financial improvement through a 1 trillion-won fund dedicated to supporting their restructuring efforts.
