Financial Crime World

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Korean Financial Regime Faces Criticism Amid Proliferation Financing Concerns

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Seoul, June 28, 2024 - The Democratic People’s Republic of Korea (DPRK) has been identified as a high-risk jurisdiction by the Financial Action Task Force (FATF), citing significant deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime.

Key Findings

  • The FATF has called on all countries to apply enhanced due diligence measures against the DPRK, including:
    • Terminating correspondent relationships with DPRK banks
    • Closing subsidiaries or branches of DPRK banks
    • Limiting business relationships with DPRK persons
  • The DPRK frequently uses money transfer services to evade sanctions and fund illegal activities

Myanmar Slammed for Slow Progress on AML/CFT Reforms

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Yangon, June 28, 2024 - Myanmar has been criticized by the FATF for its slow progress on implementing anti-money laundering and combating the financing of terrorism (AML/CFT) reforms.

Key Findings

  • The FATF has called on countries to apply enhanced due diligence measures against Myanmar, including:
    • Increasing monitoring of business relationships
    • Reporting suspicious transactions
  • Myanmar’s action plan expired in September 2021, but the country has made little progress on addressing its AML/CFT deficiencies

International Community Urged to Act Against DPRK’s Financial Illegality

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Seoul, June 28, 2024 - The international community is urged to take decisive action against the Democratic People’s Republic of Korea (DPRK) for its continued failure to address financial illegality.

Key Recommendations

  • Countries are urged to:
    • Apply enhanced due diligence measures against the DPRK
    • Prevent the flow of illicit funds through their financial systems
    • Cooperate closely with each other to disrupt the DPRK’s illegal financial activities

FATF Warns of Risks Associated with Myanmar’s Financial Sector

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Yangon, June 28, 2024 - The FATF has warned countries about the risks associated with Myanmar’s financial sector.

Key Findings

  • The agency has identified significant deficiencies in Myanmar’s AML/CFT regime and called on countries to apply enhanced due diligence measures against it.
  • Myanmar’s financial sector is vulnerable to money laundering and terrorist financing, and the FATF urges countries to:
    • Exercise increased vigilance when dealing with Myanmar-based transactions
    • Report suspicious activities promptly