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The international campaign to disrupt North Korea’s nuclear weapons program includes sanctions imposed by the United Nations Security Council, the European Union, the United States, and the United Kingdom, among other jurisdictions and authorities.
According to U.N. Panel of Expert reports, under pressure from the international community, the North Korean government relies on illicit activity to evade sanctions and generate revenue for its weapons programs, including cybercrime and stealing and laundering cryptocurrency. North Korea also makes use of networks consisting of front or shell companies to gain access to the international financial system.
Financial institutions and multinational corporations, in turn, must ensure they conduct enhanced due diligence to accurately detect North Korean support and facilitation networks. This white paper will highlight examples of how North Korea-related actors use opaque ownership structures to evade sanctions.
