A global agency dedicated to safeguarding the international financial system has expressed concerns over North Korea’s failure to resolve “significant deficiencies” in its efforts to combat money laundering and the financing of terrorism.
The Financial Action Task Force (FATF) issued a public statement at the close of its three-day plenary meeting in Orlando, Florida, on Friday, in which it called on the North to “immediately and meaningfully” address the deficiencies.
“The FATF remains concerned by the DPRK’s failure to address the significant deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime and the serious threats they pose to the integrity of the international financial system,” the agency said in the statement posted on its website.
DPRK stands for the North’s official name, the Democratic People’s Republic of Korea.
“The FATF urges the DPRK to immediately and meaningfully address its AML/CFT deficiencies. Further, the FATF has serious concerns with the threat posed by the DPRK’s illicit activities related to the proliferation of weapons of mass destruction and its financing,” it added.
The agency also urged all jurisdictions of the member states to advise their financial institutions to give “special attention” to business relations and transactions with the North, including its companies, financial institutions and those acting on their behalf.