News / Asia

US Treasury Issues Advisory on Financial Transactions with N. Korea

Yonho Kim

The U.S. Department of the Treasury has issued an advisory to its financial institutions on transactions with North Korea.

The advisory follows an earlier decision by the International Financial Action Task Force (FATF) to reinstate North Korea on its list of countries that need to improve countermeasures to money laundering and terrorist financing.

The international body urged all member jurisdictions to advise their financial institutions to give special attention to business relationships and transactions with North Korea, including its companies and financial institutions.

Issued earlier this week, the U.S. advisory includes Iran. Under the advisory, United States financial institutions should continue to consult existing guidance on engaging in financial transactions with the two countries.

Existing U.S. sanctions  (in particular, those under the North Korea Sanctions Regulations 8 and Executive Orders 13570 and 13551) create a legal framework that limits American involvement in financial or commercial transactions that contribute to Pyongyang’s nuclear and missile proliferation activities.

The U.N. Security Council Resolutions 2087 and 2094, and 1718 are based on the same idea.

The FATF is currently comprised of 34 member jurisdictions and two regional organizations, including the United States, South Korea, and the European Commission.

Jee Abbey Lee contributed to this report, which was produced in collaboration with the VOA Korean service.

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