A global anti-money laundering body has adopted a statement on the dangers of North Korea's "proliferation financing."
 
South Korea's Financial Services Commission said Saturday the Financial Action Task Force (FATF) adopted the statement during its general assembly meeting which closed Friday in Argentina. 
 
In the statement, the Task Force called on member countries to faithfully implement the FATF's international standards to prevent North Korea's illegal financial activities.
 
The global body was launched for the implementation of financial measures related to UN conventions and UN Security Council resolutions.
 
It has 35 regular members including South Korea, China and Russia. 
 
The term "proliferation financing" refers to the provision of funds or financial services that are used in the development or production of weapons of mass destruction.
 
Through the statement, FATF members have agreed to cooperate in cutting off sources of funds critical to Pyongyang's development of WMDs including nuclear weapons.
 
The Task Force will also maintain its highest level sanctions in its three-tiered system on North Korea which practically suspends transactions by banning North Korean financial firms from setting up overseas offices.
 
An official at Seoul's Financial Services Commission noted that it's highly unusual for the Financial Action Task Force to adopt a separate statement on a specific nation.

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