N. Korea lambasts money-laundering watchdog over renewed 'high-risk' label

North Korea has harshly criticized the international anti-money laundering organization, the Financial Action Task Force (FATF), for maintaining the country on its high-risk blacklist, according to a statement released by the North's Foreign Ministry. The FATF, which is part of the Organization for Economic Cooperation and Development, decided in late October to retain North Korea on its list of high-risk jurisdictions, citing serious shortcomings in preventing money laundering, terrorist financing, and weapons proliferation.

Foreign Ministry spokesperson Kim Min-seok expressed strong displeasure at the FATF's actions, accusing the organization of encroaching upon the dignity, rights, and interests of a sovereign state. The ministry maintained that allegations of money laundering, drug trafficking, and counterfeiting have no basis in reality for North Korea. It labeled the FATF as a "conspiracy group" and an "extremely politicized organization" that serves the United States' hostile policy toward North Korea.

The FATF has consistently categorized North Korea as a high-risk jurisdiction since 2011, expressing ongoing concerns about the country's failure to address significant deficiencies in its defenses against money laundering and terrorist financing, as well as the serious threats posed by its illicit activities related to weapons of mass destruction.