North Korean banks subject to international sanctions haverecently been banned by Swift from using its global financialmessaging service, according to a statement from the Belgium-basedSociety for Worldwide Interbank Financial Telecommunication.

Swift said it had recently been informed by Belgian authoritiesthat they would no longer provide the “necessary authorizations”for it to continue offering services to North Korean banks coveredby United Nations sanctions. “As a result, Swift suspended accessof UN-designated North Korean entities to the Swift financialmessaging service,” the statement said.

North Korea has further stoked regional tension by firing fourballistic missiles into the sea near Japan Monday. In response, theU.S. reaffirmed its military alliance with Japan and has announcedthe start of the deployment of its Thaad missile-defense system inSouth Korea.

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.