U.S. Treasury Takes Actions To Further Restrict North Koreaâs Access To The U.S. Financial System - Action Responds To The Threat That North Korea Poses To The Global Financial System; The United States Calls On International Partners To Similarly Takes Steps Toward Severing Banking Relationships With The Dangerous Regime

Today, the U.S. Department of the Treasury announced a Notice of Finding that the Democratic People’s Republic of Korea (North Korea) is a jurisdiction of “primary money laundering concern” under Section 311 of the USA PATRIOT Act.  Treasury, through its Financial Crimes Enforcement Network (FinCEN), also released a notice of proposed rulemaking (NPRM) recommending a special measure to further isolate North Korea from the international financial system by prohibiting covered U.S. financial institutions from opening or maintaining correspondent accounts with North Korean financial institutions, and prohibiting the use of U.S. correspondent accounts to process transactions for North Korean financial institutions.