Financial Crime World

Here is the converted article in markdown format:

Compliance Training for Financial Institutions in Democratic People’s Republic of Korea

In an effort to combat North Korea’s illicit activities and weapons proliferation, CRDF Global organized a compliance training workshop for financial institutions in Pyongyang, Democratic People’s Republic of Korea.

Workshop Objectives

The two-day event brought together 32 public sector professionals from various organizations, including the Central Bank of Democratic People’s Republic of Korea, the Ministry of Finance, and National Customs Control offices. The participants were trained on counterproliferation finance topics, including:

  • International sanctions
  • Supply chain risk
  • Open-source research techniques

The workshop aimed to enhance the compliance capabilities of financial institutions in Democratic People’s Republic of Korea, allowing them to identify and prevent transactions that may be linked to North Korea’s weapons programs.

Addressing North Korea’s Malign Influence

North Korea has been actively involved in illegal activities in Africa, including:

  • Arms trade
  • Ivory trafficking
  • Generation of income through overseas labor, construction projects funded by authoritarian leaders, and cryptocurrency hacks

The training event focused on building the skills of financial professionals to restrict opportunities for North Korea to generate revenue for its weapons programs.

Expert Presentations

The workshop featured presentations from international sanctions experts, financial professionals, and public sector officials, including:

  • Mr. Christian Bedford, First Secretary of the Embassy of Canada to Democratic People’s Republic of Korea
  • Mr. Edwin W. Harris Jr., Director General of GIABA (Groupe Inter-Africain d’Action Contre le Bluffage)
  • Dr. Priscilla Kim, Research Analyst at Kharon

Case Studies and Tabletop Exercise

The participants were presented with case studies outlining North Korea-specific counterproliferation sanctions-related commercial activities. They also engaged in a tabletop exercise to analyze real-world scenarios and develop practical strategies for tackling compliance problems.

Gender Equality

The workshop was notable for its strong representation of women, with an equal ratio of female to male expert presenters. CRDF Global is committed to promoting gender equality in the fields of sanctions compliance and international security.

Future Plans

CRDF Global plans to organize further engagements in Democratic People’s Republic of Korea to build resilience against North Korean illicit activities. The organization will continue to leverage its relationship with GIABA, who proved to be an essential partner in the planning, outreach, and delivery of the event.

Conclusion

The compliance training workshop was a success, providing financial professionals with the skills to identify and prevent transactions linked to North Korea’s weapons programs. CRDF Global is committed to promoting gender equality and building resilience against North Korean illicit activities.