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Nations urged to disrupt N. Korea's illicit financing activities

2017/11/06 15:26

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SEOUL, Nov. 6 (Yonhap) -- A global anti-money laundering task force urged its member states to robustly implement its recommendations to disrupt North Korea's illicit financing activities around the world, South Korea's financial regulator said Monday.

The Financial Action Task Force (FATF), at its annual meeting of 37 members in Argentina last week, also called on member countries to apply effective countermeasures against North Korea's attempts to finance illicit weapons programs, Seoul's Financial Services Commission said in a statement.

North Korea, which conducted its sixth and most powerful nuclear test in September, has been under United Nations sanctions because of its nuclear tests and ballistic missile launches.

U.N. experts have said North Korea continues to evade sanctions using airlines, ships and the international financial system to purchase banned items for its weapons program.

In a statement released after last week's meeting, the task force said it "is deeply concerned with the proliferation financing risk emanating from the Democratic People's Republic of Korea (DPRK) and highlights the importance of robust implementation of the FATF standards to disrupt the DPRK's illicit financial activities."

   DPRK is the abbreviation of North Korea's official name, the Democratic People's Republic of Korea.

"Given the recent United Nations Security Council Resolutions passed this year that reinforce the strict financial restrictions on DPRK, the FATF is reiterating its relevant international standards related to proliferation financing," it said.

Also on Monday, South Korea imposed unilateral sanctions against 18 North Korean bankers in China, Russia and Libya who are suspected of involving into the North's weapons program.