North Korea’s Money Laundering Definition Sparks Concern in Global Financial Community
The Democratic People’s Republic of Korea (DPRK) has recently made significant changes to its definition of money laundering, raising concerns among global financial institutions and regulatory bodies. The amendments have far-reaching implications for international financial transactions.
Changes to North Korea’s Money Laundering Definition
According to sources, 16 entries under the DPRK Regime have been amended, which may lead to a stricter enforcement of anti-money laundering regulations. These changes are part of a broader effort to combat terrorism financing and other illicit activities.
UK Sanctions List Update
The UK’s Foreign, Commonwealth and Development Office has updated its sanctions list, which includes individuals and entities involved in facilitating North Korea’s military programs. The amendments aim to freeze assets and economic resources linked to these sanctioned individuals and entities.
Revised Regulations for Financial Institutions
Under the revised regulations, financial institutions and other persons are required to conduct thorough checks on their accounts and funds to identify any potential connections to designated individuals. Those found to be holding frozen assets or providing services to such individuals must:
- Immediately freeze the accounts
- Refrain from dealing with the funds
- Not make them available to the sanctioned parties
Failure to comply with these regulations can result in criminal charges, emphasizing the gravity of the situation.
Global Financial Community’s Response
The global financial community is closely monitoring North Korea’s revised money laundering definition, as it could have significant implications for international transactions. The UN Sanctions Committee has also issued guidance on measures aimed at combating terrorist financing and other illicit activities related to North Korea.
Additional Resources
For more information on the sanctions regime and links to other relevant financial sanctions regimes, please visit the Isle of Man Government website.