Regulatory Alerts2016-05-27
Added
Finding That the Democratic People’s Republic of Korea Is a Jurisdiction of Primary Money Laundering Concern
The Director of the Financial Crimes Enforcement Network (FinCEN) found on May 27, 2016, that reasonable grounds exist for concluding that the Democratic People’s Republic of Korea is a jurisdiction of primary money laundering concern. This finding is made pursuant to Section 311 of the USA PATRIOT Act, which authorizes the imposition of special measures against such jurisdictions. The determination cites North Korea's use of front companies and state-controlled financial institutions to support weapons of mass destruction and ballistic missile programs, its lack of effective anti-money laundering controls, and its reliance on illicit activities by high-level officials.