May 24, 2024

North Korean insurance firms dodging sanctions with foreign help: UN report

Panel of Experts lists 12 firms alleged to have worked with DPRK companies that divert profits to WMD program

North Korean insurance firms have continued to conduct business overseas in the past five years, according to information in the latest U.N. Panel of Experts report, despite concerns that their profits help fund the DPRK’s weapons of mass destruction program.

The report lists eight Nigerian firms, two Chinese firms and one each from the Ivory Coast and Lebanon that have “partnered with or knowingly assisted Korean National Insurance Company in developing business opportunities, attempting to collect money and/or facilitating financial transfers of funds — including through cryptocurrency transactions.”

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