December 04, 2021

North Korea strengthens financial control, tackles e-payments in new laws

Expert says Pyongyang seeks to raise revenue, as DPRK also passes laws on rail freight, pollution and farm animals

North Korea has established new laws to strengthen organizational control over markets and financial systems, state media reported on Sunday, with an expert telling NK News that the laws aim to improve the state’s ability to raise revenue.

The Standing Committee of the Supreme People's Assembly (SPA) led by Choe Ryong Hae reportedly met on Friday to adopt laws on electronic transactions, financial record-keeping, international trade fairs and more, according to Korean Central Television (KCTV).