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Financial Institution Security Measures in Democratic People’s Republic of Korea: A Matter of Urgent Concern

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The Financial Action Task Force (FATF) has expressed deep concern over the proliferation financing risk emanating from the Democratic People’s Republic of Korea (DPRK), stressing the need for robust implementation of international standards to disrupt its illicit financial activities. The call comes as the United Nations Security Council (UNSC) has recently passed several resolutions imposing strict financial restrictions on DPRK.

Addressing the Threat

To address the threat posed by DPRK’s illicit activities related to weapons of mass destruction (WMD) and their financing, the FATF urges all jurisdictions to effectively implement relevant recommendations and UNSC Resolutions. The organization emphasizes that implementation of FATF recommendations is particularly crucial for countering proliferation financing threats emanating from DPRK.

Targeted Financial Sanctions

Countries are advised to robustly implement targeted financial sanctions against individuals and entities without delay and consider proposing new listings of those meeting designation criteria. The FATF has updated Recommendation 7 to reflect changing risks and recent UNSC Resolutions, including the extension of targeted financial sanctions to DPRK government entities associated with nuclear or ballistic missile programs.

International Cooperation

Cooperation between relevant authorities is essential for developing and implementing policies and activities to combat proliferation financing. Countries must share relevant information and ensure that designated persons and entities are identified, deprived of resources, and prevented from raising, moving, and using funds for WMD proliferation.

Preventing Evasion of Sanctions

DPRK frequently uses front companies, shell companies, joint ventures, and complex ownership structures to violate sanctions. Central to developing an effective regime is preventing the evasion of sanctions and ensuring relevant authorities provide financial institutions with guidance and specific feedback.

Recent Developments

The UNSC has recently passed several resolutions concerning DPRK, including provisions that:

• Prohibit the opening and operation of new branches, subsidiaries, and representative offices of DPRK banks;
• Prohibit correspondent banking relationships with DPRK banks; and
• Limit bank accounts to one per DPRK diplomatic mission or accredited diplomat at banks in their territories.

Call to Action

For the past six years, the FATF has called upon its members and urged all jurisdictions to apply effective countermeasures to protect their financial systems from money laundering, terrorist financing, and proliferation financing threats emanating from DPRK. The organization emphasizes that it is essential for countries to work together to disrupt DPRK’s illicit financial activities and prevent the spread of WMD.