Financial Action Task Force Blacklists North Korea for 16th Consecutive Year, Urges Countermeasures
The Financial Action Task Force (FATF), a leading financial crime watchdog, has maintained North Korea on its list of high-risk countries for the 16th consecutive year. The FATF announced this decision on October 30, following its plenary meeting in Paris, and urged countries to implement countermeasures against Pyongyang. These countermeasures include cutting ties with North Korean banks, closing their branches and subsidiaries, and limiting dealings with North Korean individuals and companies. The FATF expressed concern that North Korea has 'increased its connectivity with the international financial system,' potentially heightening the risk of financing weapons of mass destruction. The U.S. Justice Department recently reported that North Korean IT workers used stolen or fabricated identities to secure remote jobs at over 70 U.S. companies, generating approximately $3 million, with earnings transferred to North Korean-controlled entities subject to U.S. sanctions.
