PARIS: The watchdog that screens international and illicit misuse of budget cited North Korea as a most sensible source of "ongoing and substantial" cash laundering and terrorist financing, and suggested international locations to stay North Korea at arm's length and shut its banks.
A file issued by means of the Financial Action Task Force (FATF) the day prior to this named 9 international locations with "strategic deficiencies," together with Iraq, Syria, Yemen and Tunisia.
Pakistan escaped point out, regardless of foreboding that it could be listed.
Pakistan was once on the list from 2012-2015 and feared a go back would deter foreign funding and harm get admission to to international financial markets.
A Foreign Ministry spokesman in Islamabad, Mohammad Faisal, stated at a information briefing previous Friday that america and Britain had collectively submitted a letter to the FATF nominating Pakistan for placement on a "grey list." Faisal stated lots of the issues raised by means of Washington have been addressed in 2015, and Pakistan was once still operating to take extra measures.
The FATF stated after plenary consultation that North Korea has failed to deal with "significant deficiencies" in its gadget to battle the ills that pose a possibility to the international financial gadget.
The FATF file on North Korea got here as President Donald Trump higher US sanctions on North Korea on Friday, blacklisting ratings of companies and ships accused of illicit trading with the pariah country.
The Paris-based international watchdog that screens measures taken by means of countries to battle cash laundering and terrorism financing suggested countries to be cautious about industry ties and transactions with North Korea, taking "necessary measures to close existing branches, subsidiaries and representative offices of (North Korean) banks within their territories."
Targeted measures and sanctions are geared toward protecting global financial sectors from involvement in cash laundering or financing terror or North Korea's nuclear programme.
Iran was once singled out within the file, but the activity pressure selected to maintain its suspension of counter-measures.
Bosnia and Herzegovina was once got rid of from the FATF list, judged to be in compliance with efforts to counter cash laundering and terror financing. Pakistan, which had feared it might end up on an eye fixed list, were given a reprieve.
The file suggested Iran to continue addressing items on a now-expired action plan to battle cash laundering and terrorist financing, mentioning an eight-item "to do" list that includes freezing terrorist assets and adequately criminalising terrorist financing, together with by means of doing away with the exemption for designated teams 'making an attempt to finish foreign occupation, colonialism and racism.'"
The FATF warned that that action could be taken in June towards Iran if growth isn't made.
A file issued by means of the Financial Action Task Force (FATF) the day prior to this named 9 international locations with "strategic deficiencies," together with Iraq, Syria, Yemen and Tunisia.
Pakistan escaped point out, regardless of foreboding that it could be listed.
Pakistan was once on the list from 2012-2015 and feared a go back would deter foreign funding and harm get admission to to international financial markets.
A Foreign Ministry spokesman in Islamabad, Mohammad Faisal, stated at a information briefing previous Friday that america and Britain had collectively submitted a letter to the FATF nominating Pakistan for placement on a "grey list." Faisal stated lots of the issues raised by means of Washington have been addressed in 2015, and Pakistan was once still operating to take extra measures.
The FATF stated after plenary consultation that North Korea has failed to deal with "significant deficiencies" in its gadget to battle the ills that pose a possibility to the international financial gadget.
The FATF file on North Korea got here as President Donald Trump higher US sanctions on North Korea on Friday, blacklisting ratings of companies and ships accused of illicit trading with the pariah country.
The Paris-based international watchdog that screens measures taken by means of countries to battle cash laundering and terrorism financing suggested countries to be cautious about industry ties and transactions with North Korea, taking "necessary measures to close existing branches, subsidiaries and representative offices of (North Korean) banks within their territories."
Targeted measures and sanctions are geared toward protecting global financial sectors from involvement in cash laundering or financing terror or North Korea's nuclear programme.
Iran was once singled out within the file, but the activity pressure selected to maintain its suspension of counter-measures.
Bosnia and Herzegovina was once got rid of from the FATF list, judged to be in compliance with efforts to counter cash laundering and terror financing. Pakistan, which had feared it might end up on an eye fixed list, were given a reprieve.
The file suggested Iran to continue addressing items on a now-expired action plan to battle cash laundering and terrorist financing, mentioning an eight-item "to do" list that includes freezing terrorist assets and adequately criminalising terrorist financing, together with by means of doing away with the exemption for designated teams 'making an attempt to finish foreign occupation, colonialism and racism.'"
The FATF warned that that action could be taken in June towards Iran if growth isn't made.
Money-laundering watchdog: Close North Korean banks
![Money-laundering watchdog: Close North Korean banks]()
Reviewed by Kailash
on
February 24, 2018
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