The US Treasury wants to prohibit banks around the world with links to the US financial system from processing transactions with North Korea. US banks are already subject to this prohibition. The Treasury’s recommendation would require US financial institutions to introduce additional due diligence measures in order to prevent North Korean banks from accessing US correspondent accounts in third countries.
In the Treasury’s press release, Acting Under Secretary for Terrorism and Financial Intelligence Adam Szubin said that “Today’s action is a further step toward severing banking relationships with North Korea, and we expect all governments and financial authorities to do likewise pursuant to the new UN Security Council Resolution” (see previous blog).
Maya Lester QC is a senior barrister (Queen’s Counsel) at Brick Court Chambers with a wide-ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. The legal directories say she is the...See profile for Maya Lester QC >