January 29, 2023

U.S. lists North Korea as money launderer, imposes financial strictures

Recent measures aim to isolate North Korea from the U.S. and international banking system

The United States has designated North Korea a “primary money laundering concern” under section 311 of the Patriot Act, the U.S. Department of Treasury announced on Wednesday.

The designation – which puts at risk of sanctions any bank which does business with the DPRK – applies further financial measures against North Korea with the aim of isolating the country from the U.S. and international banking systems.