U.S. Treasury Imposes Banking Sanctions On North Korea

Reuters: U.S. takes further steps to block North Korea's access to financial system

The United States on Wednesday declared North Korea a "primary money laundering concern" and moved to further block its ability to use the U.S. and world financial systems to fund its weapons programs.

The U.S. Treasury Department called for a prohibition on certain U.S. financial institutions opening or maintaining correspondent accounts, which are established to receive deposits from or make payments on behalf of a foreign institution, with North Korean financial institutions.

Crucially, Treasury also prohibited the use of third parties' U.S. correspondent accounts to process transactions for North Korean financial institutions.

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US Calls North Korea ‘Primary Money Laundering Concern,’ Seeks To Block Access To Financial Systems -- IBTimes
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