Yoon: "Illegal Private Loans, Track and Punish to the End... Deprive Profits"

Meeting with Financial Supervisory Service on Illegal Private Loans in Community
Exploring Compensation Measures for Victims' Mental and Physical Harm

President Yoon Suk-yeol on the 9th instructed, "Track down and punish illegal private loans to the end, and confiscate all illegal profits without exception."

On the same day, President Yoon visited the Financial Supervisory Service's Illegal Private Loan Damage Reporting Center located in Yeongdeungpo-gu, Seoul, where he listened to the center's operational status and on-site experiences and encouraged the counseling staff, the presidential office reported.

President Yoon also held a meeting on illegal private loan issues affecting the public and expressed concern, saying, "I have always emphasized that protecting ordinary citizens and vulnerable groups from crimes that exploit the livelihood of the people is a fundamental duty of the state. Recently, illegal private loans through online channels have been spreading, and their methods are becoming more cunning."

In particular, President Yoon stated, "The criminal proceeds of illegal private loan operators must be tracked down entirely, including assets held under borrowed names, and recovered without fail," and urged, "Along with strong punishment for criminals, please devise more multifaceted measures so that victims can be compensated for their mental and physical suffering."

[Image source=Yonhap News]

At the on-site meeting, ministers from related government departments, victims of illegal private loans, and field personnel discussed the current status of illegal private loans targeting vulnerable groups amid the recent high-interest rate environment and the direction of response measures.

During the meeting, Bang Gi-seon, Director of the Office for Government Policy Coordination, presented the current status of illegal private loans and the progress of the government-wide task force (TF). Then, victims of illegal private loans and counseling staff shared their experiences and opinions. Following this, the presidential office reported that in-depth discussions were held among participants regarding the eradication of illegal private loans and support measures for victims.

About 20 field personnel, including victims of illegal private loans, counseling staff, and investigators from the National Police Agency, attended the event. From the government and authorities, participants included Han Dong-hoon, Minister of Justice; Lee Sang-min, Minister of the Ministry of the Interior and Safety; Bang Gi-seon, Director of the Office for Government Policy Coordination; Kim Chang-gi, Commissioner of the National Tax Service; Yoon Hee-geun, Commissioner of the National Police Agency; Lee Bok-hyun, Governor of the Financial Supervisory Service; Park Se-hyun, Chief of the Criminal Division at the Supreme Prosecutors' Office; and Kim Mi-young, Director of the Financial Consumer Protection Department at the Financial Supervisory Service. From the National Assembly, Kim Ki-hyun, Leader of the People Power Party; Yoo Ui-dong, Chairman of the Policy Committee of the People Power Party; and from the presidential office, Lee Jin-bok, Senior Secretary for Political Affairs, and Choi Sang-mok, Senior Secretary for Economic Affairs, also attended.