Regulatory Alerts2005-12-13
Added
Guidance to Financial Institutions on the Provision of Banking Services to North Korean Government Agencies and Associated Front Companies Engaged in Illicit Activities
The U.S. Department of the Treasury warns U.S. financial institutions to take reasonable steps to guard against the abuse of their financial services by North Korean government agencies and associated front companies engaged in illicit activities. This guidance follows the finding that Banco Delta Asia SARL is a financial institution of primary money laundering concern, noting that North Korean entities are known to have engaged in currency counterfeiting, narcotics trafficking, counterfeit cigarette smuggling, and weapons proliferation. The advisory encourages financial institutions worldwide to take similar precautions to prevent their services from being used as a conduit for laundering proceeds from such illicit activities.