March 28, 2024
News

Three North Korean banks barred from SWIFT system

Sanctioned banks continued to use the financial messaging system last year: PoE

Three sanctioned DPRK banks were barred from the world’s most important financial messaging service on Wednesday, following the publication of a UN Panel of Experts (PoE) report which showed they had continued to use the service despite their designation.

The SWIFT (Society for Worldwide Interbank Financial Telecommunication) system allows banks and financial institutions to communicate about transactions and trades.

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