Korea, Democratic People’s Republic of
The Department of State has designated North Korea as a State Sponsor of Terrorism. Information about the money laundering situation in North Korea is generally unavailable. North Korea’s self-imposed isolationism and secrecy as well as its refusal to participate in international organizations make knowledge of the role of North Korea’s financial system and drug trafficking situation supposition at best.
What little is known and documented, however, includes North Korea’s continued use of Macau as a base of operations for money laundering and other illicit activities. Macau is a useful intermediary, for it provides North Koreans with access to global financial systems. There are reports that Pyongyang also has used Macau to launder counterfeit $100 bills and Macau’s banks as a repository for the proceeds of North Korea’s growing trade in illegal drugs.
North Korea should enact a comprehensive anti-money laundering regime and take steps to stop financial crimes originating in North Korea.