The Financial Action Task Force (FATF) has urged members to shut down overseas North Korean bank branches and to sever financial ties with the North, South Korea’s Financial Supervisory Service (FSS) announced on Tuesday.

The FATF, an intergovernmental body combating money laundering and terrorist financing, “strongly demanded” that members blockade North Korea’s financing channels in accordance with UN Security Council (UNSC) Resolution 2270, the FSS added.

“Jurisdictions (members) should take necessary measures to close existing branches, subsidiaries and representative offices of DPRK banks within their territories and terminate correspondent relationships with DPRK banks, where required by relevant UNSC Resolutions,”