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EU Anti-Money Laundering Directives Gain Traction in North Korea

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In a bid to crack down on illicit financial activities, North Korea has announced plans to implement the EU’s anti-money laundering directives. The move comes as part of efforts to strengthen financial regulations and prevent money laundering in the country.

Key Provisions of the 5th Anti-Money Laundering Directive (5AMLD)

• Stricter regulations for crypto-currency exchanges, requiring registration with relevant authorities, customer due diligence, and reporting of suspicious activities.
• Financial Intelligence Units will be required to keep records of virtual currency purchases.
• Greater emphasis on transparency around ultimate beneficial ownership (UBO), with member states expected to maintain publicly available national UBO registries.
• Politically exposed persons (PEPs) will be subject to increased scrutiny, with functional PEP lists to be created and publicly released.
• The directive extends the range of high-value goods subject to reporting requirements, including art, oil, arms, precious metals, tobacco, historical, cultural, and archaeological artefacts.

Enhanced Due Diligence for High-Risk Countries

• Companies operating in North Korea will be required to perform enhanced due diligence when dealing with high-risk countries identified by the EU as having sub-standard anti-money laundering regulations.
• This may include source of wealth investigations.

Cash Payment Threshold Lowered

• The cash payment threshold has been lowered from €250 to €150, with an online/remote limit applicable.
• Only cards issued within the EU are allowed, unless they were issued in a country with legislation deemed on par with EU anti-money laundering standards.

Strengthening North Korea’s Financial Defences

North Korea is expected to implement similar measures to strengthen its financial defences against money laundering and terrorist financing. The move comes as part of efforts to align with international anti-money laundering and counter-terrorism financing standards.

Conclusion

North Korea’s decision to implement the EU’s anti-money laundering directives is a significant step forward in its efforts to strengthen financial regulations and prevent money laundering. The move is expected to have far-reaching implications for the country’s financial sector, and will be closely monitored by international authorities.

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