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U.S. warns financial organs against transactions with N.K.

All News 11:10 September 20, 2017

SEOUL, Sept. 20 (Yonhap) -- The United States has issued an advisory cautioning its financial institutions against engaging in financial deals with North Korea, while calling the communist country a "primary money laundering concern," a U.S. broadcaster reported Wednesday.

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, made the issuance Friday for the second time this year, arguing that the North is a dangerous country and does not cooperate with global efforts to prevent money laundering.

FinCEN's action came after North Korea was blacklisted once again by the Financial Action Task Force (FATF), an intergovernmental organization to combat money laundering. The FATF described the North as a "high-risk and non-cooperative" country in the global fight against money laundering and terrorist financing at the U.N. General Assembly in June, the broadcaster said.

The advisory underlined that American financial institutions should continue to abide by Treasury and FinCEN guidelines, and be well-acquainted with regulations on transactions with the North, as stipulated in U.N. Security Council resolutions, according to the broadcaster.

This file photo shows Kim Gunn (R), South Korea's deputy chief nuclear envoy, and Jennifer Fowler, U.S. deputy assistant secretary of the treasury for terrorist financing, posing ahead of their talks in Seoul on financial sanctions against North Korea on Feb. 23, 2016. (Yonhap)

This file photo shows Kim Gunn (R), South Korea's deputy chief nuclear envoy, and Jennifer Fowler, U.S. deputy assistant secretary of the treasury for terrorist financing, posing ahead of their talks in Seoul on financial sanctions against North Korea on Feb. 23, 2016. (Yonhap)


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