Written question asked by Michael Moore (Liberal Democrat) on Thursday, 7 January 2010, in the House of Commons. It was due for an answer on Monday, 11 January 2010. It was answered by Sarah McCarthy-Fry (Labour) on Wednesday, 20 January 2010 on behalf of the Treasury.

North Korea: Financial Services

Question: To ask the Secretary of State for Foreign and Commonwealth Affairs what recent reports he has received on the alleged use of European banks to launder money by (a) the President of North Korea and (b) other senior members of the North Korean regime; what recent discussions he has had with his (i) European and (ii) US counterparts on this matter; and if he will make a statement.

Answer: I have been asked to reply.The Government do not comment on matters of intelligence. However, the Government play a leading role in international efforts against money laundering, notably through its membership of the Financial Action Task Force (FATF). The risk of money laundering posed by certain jurisdictions, and the global response to this, is the subject of ongoing work in the FATF.In 2009 the UK implemented further sanctions against North Korea under UN Security Council Resolution 1874, placing restrictions on financial institutions providing services to North Korea and requiring enhanced vigilance by member states. While aimed at reducing the threat from the proliferation of weapons of mass destruction, such measures also serve to strengthen international anti-money laundering controls.

Secondary information