March 25, 2024 at 02:36AM
The United Nations Panel of Experts’ annual report on sanctions against North Korea reveals that North Korea operates restaurants in several countries to launder approximately $700 million per year. The report also highlights the country’s involvement in cyber attacks and crypto heists, urging stricter compliance activities and international info-sharing to combat these activities.
Based on the meeting notes, it is evident that the United Nations Panel of Experts has highlighted North Korea’s extensive efforts to evade sanctions through various means, including money laundering, cyber attacks, and other illicit activities.
Notably, the report emphasizes the significant role played by North Korea-run restaurants in countries such as China, Laos, Thailand, and Russia in laundering money, estimating that these eateries collectively help the DPRK to launder approximately $700 million annually.
In addition to detailing the financial activities, the report also underscores the involvement of North Korea in cyber attacks, particularly on cryptocurrency-related companies, with a focus on generating funds for the country’s development of weapons of mass destruction.
The Panel of Experts has proposed several recommendations, including stricter compliance activities, international information sharing, and the adoption of basic information security practices such as multi-factor authentication and zero-trust principles to mitigate the DPRK’s activities.
Furthermore, the report calls for the establishment of systems for reporting and sharing Democratic People’s Republic of Korea-related cyber threat information with the cryptocurrency industry and private sector, as well as the implementation of anti-money laundering and know-your-customer programs by cryptocurrency platforms and protocols to counter North Korea’s illicit crypto scheme.
It is evident from the notes that the report provides detailed insights into the extensive strategies employed by North Korea to evade sanctions, spanning across various sectors and involving sophisticated measures, such as identity laundering of ships and joint venture companies.
The comprehensive nature of the report, which spans 615 pages, reflects the magnitude of North Korea’s efforts to circumvent sanctions, and underscores the importance of concerted international efforts to address these issues.