Countries Around the World to Shut Down N.Korean Banks

  • By Lee Jin-seok

    October 25, 2016 10:08

    The Financial Action Task Force on Money Laundering has decided to shut down North Korea's bank branches, corporations, and offices of financial representatives in the 35 member countries.

    The FATF adopted a statement to that effect at a congress in Paris on Oct. 15-21, according to the Financial Services Commission here Monday.

    The statement, which according to the commission is effectively binding, calls on member states to shut down all financial transactions with the North.

    Founded in 1989, the FATF implements financial measures related to UN conventions and UN Security Council resolutions. It sets standards for blocking money laundering of drug traffickers and organized criminal organizations and money flow for terrorism or weapons of mass destruction, and can impose financial sanctions on countries that do not implement the conventions or resolutions.

    Members include the U.S., China, Japan and the EU. "FATF member states will have to report what action they have taken," a commission spokesman said. "The FATF can sanction member states if they don't abide by the decisions."

    FATF congresses are held three times a year.

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