A global anti-money laundering body has called on all member states to apply effective countermeasures against the ongoing and substantial money laundering and terrorist financing risks emanating from North Korea.
The Financial Action Task Force said it remains concerned by North Korea's failure to address the significant deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime and the serious threats they pose to the integrity of the international financial system.
"The FATF urges the DPRK to immediately and meaningfully address its AML/CFT deficiencies," the Paris-based body said Friday in a statement posted on its Web site after a meeting in Buenos Aires. DPRK stands for the North's official name, the Democratic People's Republic of Korea.
The task force also said jurisdictions should take necessary measures to close existing branches, subsidiaries and representative offices of North Korean banks within their territories and terminate correspondent relationships with North Korean banks.
The latest statement came amid international pressure on North Korea to give up its missile and nuclear programs. Tensions have spiked on the Korean Peninsula following North Korea's sixth and most powerful nuclear test in September and a series of ballistic missile tests.
In 2015, North Korea pledged to sincerely carry out an action plan to meet global anti-money laundering standards. (Yonhap)
The Financial Action Task Force said it remains concerned by North Korea's failure to address the significant deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime and the serious threats they pose to the integrity of the international financial system.
"The FATF urges the DPRK to immediately and meaningfully address its AML/CFT deficiencies," the Paris-based body said Friday in a statement posted on its Web site after a meeting in Buenos Aires. DPRK stands for the North's official name, the Democratic People's Republic of Korea.
The task force also said jurisdictions should take necessary measures to close existing branches, subsidiaries and representative offices of North Korean banks within their territories and terminate correspondent relationships with North Korean banks.
The latest statement came amid international pressure on North Korea to give up its missile and nuclear programs. Tensions have spiked on the Korean Peninsula following North Korea's sixth and most powerful nuclear test in September and a series of ballistic missile tests.
In 2015, North Korea pledged to sincerely carry out an action plan to meet global anti-money laundering standards. (Yonhap)
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