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U.S. designates N. Korea as primary money laundering concern

All News 23:06 June 01, 2016

WASHINGTON, June 1 (Yonhap) -- The U.S. Treasury Department designated North Korea as a "primary money laundering concern" Wednesday, a powerful sanction designed to punish the communist nation for its nuclear and missile tests.

The designation came as part of the North Korea Sanctions and Policy Enhancement Act passed through Congress in February. The measure is expected to further isolate the North from the international financial system.

"The United States, the U.N. Security Council, and our partners worldwide remain clear-eyed about the significant threat that North Korea poses to the global financial system. The regime is notoriously deceitful in its financial transactions in order to continue its illicit weapons programs and other destabilizing activities," Adam J. Szubin, acting under secretary for terrorism and financial intelligence, said in a statement.

jschang@yna.co.kr
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