Seoul: The chief of the country's financial watchdog said Thursday his agency will team up with other government agencies to root out illegal acts by private money lenders. In a forum, Lee Chan-jin, governor of the Financial Supervisory Service (FSS), said illegal money lenders continue to impose hefty interest rates on borrowers, undermining their daily lives.

According to Yonhap News Agency, Lee emphasized the necessity of a collaborative approach to tackle the issue, stating, "We will work with the government to eradicate illegal money lenders. It is not just a problem facing individuals, but one that should be resolved by the whole society." His remarks came as the number of complaints against loan sharks spiked, jumping to 14,316 in the first 10 months of the year, from 11,875 a year earlier, according to the FSS.

Earlier, the Financial Services Commission announced plans to revise related laws. The proposed changes would increase penalties for those violating the 20 percent annual interest rate limit on loans, potentially raising the maximum prison term from three years to five years, and the maximum fine from the current 30 million won to 200 million won (US$142,000).