A global antimoney laundering body has decided to impose its toughest sanctions on North Korea for a seventh consecutive year.

South Korea’s Financial Services Commission(FSC) reported on Monday that the Financial Action Task Force(FATF) recently held a general assembly in Argentina to maintain the highest sanctions in its three-tiered system on the North.

The move bans North Korean financial firms from setting up overseas offices.

The task force also adopted a statement warning of the dangers of North Korea's "proliferation financing,” which provides funds and services to develop weapons of mass destruction, and urging for the containment of related risks.

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