Financial Transparency Coalition

A few weeks ago, the U.S. upped its economic sanctions on North Korea, trying to block the rampant illegal activities taken by, or on behalf of, the political elite of the state. Kim Jon Il manages his regime, in part, by using government resources to funnel exotic, luxury goods – jewelry, cars, yachts – to his large ring of cronies. This abuse falls directly under the broad definition of illicit financial flows (IFFs) as unrecorded funds and goods promoting illegal activity. Serious corruption and continued illicit activity within North Korea is becoming a larger threat to global security. These...

South Korea has informed the U.S. of up to 20 North Korean bank accounts suspected of being used for counterfeiting, money laundering and other illegal transactions, a news report said Wednesday.