Money-laundering watchdog: Close North Korean banks

PARIS (AP) — The watchdog that monitors global and illicit misuse of funds has cited North Korea as a top source of "ongoing and substantial" money laundering and terrorist financing and urged countries to close North Korean banks.

The Financial Action Task Force said in its report Friday after a plenary session that North Korea has failed to address "significant deficiencies" in its system to combat the ills that pose a risk to the international financial system. It also expressed concern over illicit activities linked to the proliferation and financing of weapons of mass destruction.

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