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Despite Array of Sanctions, North Korea Continues Processing Funds Overseas: United Nations

By Valentina Pasquali

Lenders across the world still lack the will or controls necessary to stop North Korea from moving funds through the global financial system, say U.N. officials. In the past few years, the North Korean government has deployed networks of foreign-based agents and shell companies capable of routing transactions through bank accounts they control in more than ten countries, including Austria, Italy, Tunisia and Malaysia, a U.N. panel claimed in a 292-page report. U.N. officials found that “several” financial institutions applied “inadequate” due diligence to new clients, did not monitor transactions effectively and “largely failed” to review high-risk accounts suspected of...

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