North Korea slams regional anti-money laundering group after observer status removal
Published: 03 Oct. 2024, 12:04
The Asia/Pacific Group on Money Laundering (APG) logo
On Sept. 24, the Asia/Pacific Group on Money Laundering (APG) reached a unanimous decision to remove North Korea as an observer due to its lack of engagement and failure to fulfill obligations.
Formed in 1997, the APG is the Asia-Pacific arm of the Financial Action Task Force (FATF), designed to implement the international standards against money laundering, and combat the financing of terrorism and the proliferation of weapons of mass destruction.
Currently, the APG consists of 42 member states, including the United States, Japan and China. South Korea joined the group in 1998. North Korea obtained the APG observer position in July 2014.
In a statement carried by the Korean Central News Agency (KCNA), the North's spokesperson for the National Coordinating Committee (NCC) for Anti-Money Laundering and Combating the Financing of Terrorism accused the APG of following the hostile U.S. policy toward Pyongyang and ignoring the country's "sincere efforts and transparent measures" in anti-money laundering.
"The decision of the group to deprive the DPRK of its position as an observer is an inevitable result pursuant to the hostile policy of the U.S. considering the independent and just sovereign states as a thorn in its flesh," the English-language statement read, referring to North Korea by its official name, the Democratic People's Republic of Korea. "This proves that the group, which should have promoted the sound development of international relations and the regional peace and security, has turned into a mouthpiece group playing at the hands of the U.S. keen on realizing world domination.
"We have no regret that we have not held intercourse with the group which has been reduced to a political tool of the U.S.," the statement continued. "The DPRK has a consistent principled stand against money laundering and financing of terrorism and it will continue to strive for it."
The APG had warned the North that no engagement in the group would deprive the regime of its observer status. An observer state is required to allow a visit by an APG delegation for an exchange of relevant information and cooperate with the APG to publish a regular report on the country's implementation of anti-money laundering practices, among others.
Yonhap
with the Korea JoongAng Daily
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