U.S. Treasury Issues Sec. 311 Findings to Further Restrict North Korea’s Access to U.S. Financing System

IMPORTANT: The full content of this page is available to premium users only.

Friday, June 10, 2016
Author: 
Bruce Zagaris
Volume: 
32
Issue: 
6
Abstract: 
On June 1, 2016, the U.S. Department of the Treasury announced a Notice of Finding that the Democratic People’s Republic of Korea (North Korea) is a jurisdiction of “primary money laundering concern” under Section 311 of the USA PATRIOT Act and issued a notice of proposed rulemaking (NPRM) recommending a special measure to further isolate North Korea from the international financial system by prohibiting covered U.S. financial institutions from opening or maintaining correspondent accounts with North Korean financial institutions, and prohibiting the use of U.S. correspondent accounts to process transactions for North Korean financial institutions.