The Financial Action Task Force (FATF) says it remains concerned by North Korea’s “failure to address the significant deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime,” according to a recently issued statement.

The task force is also concerned by the serious threat these failures pose to the integrity of the international financial system.

Deficiencies

The FATF has urged North Korea to immediately and meaningfully address its AML/CFT deficiencies.

The task force is also concerned about the threat posed by North Korea’s illicit activities related to the proliferation of weapons of mass destruction (WMDs) and its financing.

Further warnings

The FATF urges all jurisdictions to advise their financial institutions to pay special attention to business relationships and transactions with North Korean companies and financial institutions, as well as those acting on their behalf.

The task force further called on its members to apply effective counter-measures to protect their financial sectors from money laundering, financing of terrorism and WMD proliferation financing risks emanating from North Korea.