Financial Crime World

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Ways to Prevent Money Laundering in the Democratic People’s Republic of Korea: A Comprehensive Guide

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In an effort to combat money laundering, the Democratic People’s Republic of Korea (DPRK) has made significant amendments to its sanctions regime. This move aims to freeze funds and economic resources linked to individuals and entities involved in the country’s military programs.

Amendments Under the Sanctions and Anti-Money Laundering Act 2018

The DPRK has amended 16 entries under its sanctions regime, which provides for the freezing of assets of designated persons, entities or bodies. The updated list includes details of those individuals and organizations subject to sanctions, including military personnel and officials involved in weapons proliferation.

Requirements for Financial Institutions and Other Persons

To prevent money laundering, financial institutions and other persons are required to:

  • Check their accounts and funds against the updated list
  • Freeze any accounts or funds found to be linked to designated individuals or entities until further notice

Failure to comply with sanctions legislation is a criminal offense. Institutions are warned to report any findings to the Financial Intelligence Unit (FIU). Institutions that have already reported frozen accounts or funds do not need to repeat the process.

Accessing the Updated List

The updated list can be accessed on the following websites:

  • Foreign, Commonwealth and Development Office’s website
  • Relevant UN Sanctions Committee webpage
  • Isle of Man Government website (which also provides details on other financial sanctions regimes)

Additional Resources

For guidance on preventing money laundering in the region, refer to the Customs and Excise pages of the Isle of Man Government website.

Conclusion

By taking these measures, the DPRK is demonstrating its commitment to combating financial crimes and upholding international cooperation against money laundering and terrorist financing.