Financial Crime World

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Korea, Democratic People’s Republic: Financial Crime Prevention Measures Strengthened

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The government of Korea, Democratic People’s Republic has recently updated its financial crime prevention measures to combat the proliferation of military programs. This move comes as the United Nations Security Council updated its sanctions list on March 7, 2024.

Key Developments

  • The Ministry of the People’s Armed Forces (MPAF), previously listed as a sanctioned entity, will remain subject to an asset freeze.
  • The MPAF is responsible for managing the general administrative and logistical needs of the Korean People’s Army.

Requirements for Financial Institutions and Individuals

  • Financial institutions and individuals are required to check if they hold funds or provide financial services to designated entities.
  • If so, they must freeze such accounts or funds and report their findings to the Financial Intelligence Unit (FIU).
  • Failure to comply with these regulations is a criminal offense.

Updates to Consolidated List

  • The government has updated its Consolidated List, which provides details of those designated under sanctions legislation.
  • The list now includes the MPAF, along with other entities and individuals involved in the country’s military programs.

Additional Information

  • The Foreign, Commonwealth and Development Office has provided further information on the UN measures in respect of Korea, Democratic People’s Republic.
  • Links to other financial sanctions regimes are available on their website.

Aim of the Updated Measures

The updated measures aim to prevent the financing of illegal activities and support international efforts to counter the proliferation of weapons of mass destruction.