US asks banks worldwide not to process N Korea transactions

The US Treasury wants to prohibit banks around the world with links to the US financial system from processing transactions with North Korea.  US banks are already subject to this prohibition. The Treasury’s recommendation would require US financial institutions to introduce additional due diligence measures in order to prevent North Korean banks from accessing US correspondent accounts in third countries.

In the Treasury’s press release, Acting Under Secretary for Terrorism and Financial Intelligence Adam Szubin said that “Today’s action is a further step toward severing banking relationships with North Korea, and we expect all governments and financial authorities to do likewise pursuant to the new UN Security Council Resolution” (see previous blog).

This entry was posted in North Korea, USA by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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