Seoul, April 20 (NationPress) - The Republic of Korea and the United States have come to an agreement to strengthen their collaboration in combating money laundering within the Asia-Pacific area, as announced by Seoul's financial authority on Monday.

This week, Lee Hyung-ju, the commissioner of the Korea Financial Intelligence Unit (KoFIU), held talks with Andrea Gacki, the director of the Financial Crimes Enforcement Network (FinCEN), which operates under the U.S. Department of the Treasury, during a meeting in Washington, D.C., according to the Financial Services Commission (FSC).

The KoFIU functions under the FSC and is responsible for tackling issues related to money laundering, financing of terrorism, and other illicit financial operations, as reported by Yonhap news agency.

During this discussion, Lee emphasized the need for enhanced transnational cooperation to effectively address money laundering activities in the Asia-Pacific, highlighting instances of online scams in certain Southeast Asian nations that involved Korean individuals.

He pointed out that anti-money laundering efforts should be conducted in tandem with the private sector to facilitate early detection of these crimes, according to the regulator.

In reply, Gacki acknowledged South Korea as a vital strategic ally and concurred on increasing information sharing between the two organizations to combat various forms of illegal activity, as indicated by the FSC.

Additionally, on Friday, the head of the nation's financial authority revealed that both banks and state-owned lenders plan to offer a range of financial assistance packages to companies affected by the crisis in the Middle East, aiming to alleviate financial strains and potential liquidity shortages.

In a meeting with leaders from the steel industry and related sectors, Lee Eog-weon, chairman of the Financial Services Commission (FSC), announced that policy lenders are prepared to provide a total of 25.6 trillion won (approximately $17.3 billion) in loans to businesses facing challenges due to the ongoing Middle East crisis.

Banks and other financial institutions have also developed a support package exceeding 53 trillion won, according to Lee.

"We are implementing timely strategies to assist crisis-affected companies in overcoming liquidity challenges and other difficulties," Lee stated, adding that these support measures could expand based on evolving circumstances.

Regarding the steel sector, financial authorities will aid in business restructuring and enhancing financial stability through a 1 trillion-won fund dedicated to supporting business reforms.