| North Korea Joins Anti-Terror Financing Body |
| 2014-07-18 Updated. |
| |
 For the first time, North Korea has joined the Asia-Pacific Group on Money Laundering (APG) which aims to prevent financing for nuclear weapons development and terrorist attacks.
The APG held a regular plenary session in Macao on Wednesday and approved the North's application for observer status.
North Korea is known to have completely acknowledged the need to prevent support for money laundering, terrorist activities and nuclear weapons development and accepted all the terms and conditions for joining the organization.
A South Korean government official said the North seems to have been prompted by financial sanctions imposed on it by the international community. The official added the North seems to be looking forward to an easing in sanctions to relieve itself from the cash crunch.
Last year the U.S. and China closed down their bank accounts at the North's Foreign Trade Bank and suspended financial transactions.
The South Korean official said Pyongyang joining the organization doesn't immediately affect the international sanctions on the communist regime. The official added the U.S. and other nations will see whether the North faithfully implements the conditions and then consider easing sanctions.
|
|
List