North Korea Regime Tightens Financial Regulations, Demands Compliance
Pyongyang Updates Sanctions List to Strengthen Financial Regulations
Pyongyang, Democratic People’s Republic of Korea - The North Korean government has updated its sanctions list, effective April 16, 2024, in an effort to strengthen financial regulations and combat money laundering and terrorist financing.
Designated Entities Added to the List
The National Aerospace Development Administration (NADA) has been added to the list of sanctioned entities by the United Nations Security Council. NADA is accused of being involved in North Korea’s development of space science and technology, including satellite launches and carrier rockets. This designation was previously made on March 5, 2016.
New Requirements for Financial Institutions
The updated sanctions list requires financial institutions to:
- Freeze assets
- Report any transactions involving designated entities
Financial institutions are also required to check whether they hold funds or economic resources for, or provide financial services to, designated individuals. Failure to comply with these regulations can result in criminal charges and fines.
Consequences of Non-Compliance
According to the Foreign, Commonwealth and Development Office, failure to comply with these regulations is a serious offense. Financial institutions and individuals are advised to review their accounts and report any suspicious transactions to the relevant authorities. Failure to comply may result in severe consequences, including criminal charges and fines.
International Pressure for Transparency and Cooperation
The country has been under international pressure to improve its financial transparency and cooperation with global authorities. The updated sanctions list is part of North Korea’s efforts to meet these demands and strengthen its financial regulations.
Review the Updated List and Learn More
The updated list is available on the United Nations Security Council’s website, along with further information on North Korea’s sanctions regime. Financial institutions and individuals in the region are advised to review their accounts and report any suspicious transactions to the relevant authorities.
Key Takeaways
- The North Korean government has updated its sanctions list, effective April 16, 2024
- The National Aerospace Development Administration (NADA) has been added to the list of sanctioned entities
- Financial institutions must freeze assets and report any transactions involving designated entities
- Failure to comply with regulations can result in criminal charges and fines