FATF Expresses concern over North Korea's anti-money laundering efforts

North Korea has been designated a "high-risk jurisdiction" for money laundering and terrorism financing for the 15th consecutive year, according to a Paris-based intergovernmental body, Azernews reports, citing Yonhap.

The Financial Action Task Force (FATF), which is tasked with combating money laundering and terrorism financing, said it decided at a plenary session Friday (local time) to put North Korea in the highest risk category.

"The FATF remains concerned by the DPRK's continued failure to address the significant deficiencies in its anti-money laundering and combating the financing of terrorism regime and the serious threats posed by the DPRK's illicit activities related to the proliferation of weapons of mass destruction and its financing," the organization said on its website, referring to North Korea by the acronym of its formal name, the Democratic People's Republic of Korea.

"The ability to obtain reliable and credible information to support the assessment of PF (proliferation financing) risks relating to the DPRK is hampered by the recent termination of the 1718 Committee Panel of Experts mandate," it continued. "Thus, the FATF will monitor the measures to comply with DPRK targeted financial sanctions and the implementation of countermeasures against DPRK."

The 1718 committee panel of experts was established by the U.N. Security Council in response to North Korea's first nuclear test in 2006 to monitor sanctions enforcement against the North.

The panel was dissolved last May, however, after Russia opposed the extension of its mandate.

The FATF, which works under the Organization for Economic Cooperation and Development, has categorized North Korea as a "high-risk jurisdiction" since 2011.