WASHINGTON, Nov. 4 (Xinhua) -- The United States on Friday finalized action to further restrict Democratic People's Republic of Korea's (DPRK's) access to the U.S. financial system.
The move prohibits U.S. financial institutions from opening or maintaining correspondent accounts for DPRK banks. It also requires U.S. financial institutions to apply additional due diligence measures in order to prevent DPRK financial institutions from gaining improper indirect access to U.S. correspondent accounts, the Treasury Department said in a statement.
The move follows Treasury's designation of the DPRK as a "primary money laundering concern" in June and provides greater protection for the U.S. financial system from DPRK's "illicit activity," according to the statement.
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