The Trump administration has publicly blamed North Korea for unleashing the so-called WannaCry cyber attack that crippled hospitals, banks and other companies across the globe earlier this year. “The attack was widespread and cost billions, and North Korea is directly responsible,” Tom Bossert, homeland security adviser to President Donald Trump, wrote in a piece published […]

WASHINGTON (Reuters) – The United States imposed sanctions on two Chinese citizens and a shipping company on Thursday for helping North Korea’s nuclear and missile programs and accused a Chinese bank of laundering money for Pyongyang. U.S. Treasury Secretary Steve Mnuchin said the actions were designed to cut off funds that North Korea uses to […]

Latvian banking regulators fined three lenders over involvement in attempts to dodge international sanctions on North Korea. Baltikums Bank and Privatbank each agreed to pay 35,575 euros ($40,000), while Regionala Investiciju Banka agreed to pay 570,364 euros, the Financial and Capital Market Commission said Tuesday in a statement. The breaches, between 2009 and 2015, relate […]

 How North Korea pays for a nuclear program and lavish parties while under the tightest sanctions on earth; North Korea has managed to conduct costly nuclear and ballistic missile development projects while under some of the strictest, most widely-endorsed sanctions under the sun for decades. Now, Kim Jong-un stands within a few years of completing […]

Sanctions are in place in respect of North Korea. For more information, see Practice note, Sanctions: breach of prohibitions. The Office of Financial Sanctions Implementation (OFSI) has published guidance on the requirements for credit and financial institutions under the new measures in Article 5a of the amended EU Regulation 329/2007 (the Regulation) introduced on 4 […]

The London office of Reed Business Information sold critical data that helped sanctioned banks funding chemical and nuclear weapons in Syria and Iran make complex international transactions. A BuzzFeed News Investigation unravels the web. The Middle East salesman had been wrestling with his conscience for more than a month when the barrel bombs broke and […]

Draft of UN report shows U.S., Ireland responded to UN inquiries over sanctions breach Dennis Rodman and betting company Paddy Power appear to have escaped punishment following charges they breached UN sanctions prohibiting the transfer of luxury goods to North Korea, a draft of a forthcoming UN Panel of Experts (PoE) report shows. The former […]