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Anti-money laundering body calls for countermeasures against N. Korea

All News 14:19 February 24, 2020

SEOUL, Feb. 24 (Yonhap) -- A global anti-money laundering body has called on all member states to apply countermeasures against money laundering, terrorist financing and weapons of mass destruction proliferation financing risks emanating from North Korea.

The Financial Action Task Force (FATF) also urged North Korea to immediately and meaningfully address the deficiencies in its regime against money laundering and the financing of terrorism.

"Jurisdictions should take necessary measures to close existing branches, subsidiaries and representative offices of DPRK banks within their territories and terminate correspondent relationships with DPRK banks," the FATF said Friday in a statement posted on its website after a meeting in Paris.

DPRK stands for the North's official name, the Democratic People's Republic of Korea.

The latest statement came amid international pressure on North Korea to give up its missile and nuclear programs.

In 2015, North Korea pledged to sincerely carry out an action plan to meet global anti-money laundering standards.


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