North Korea says unable to pay U.N. dues, blames sanctions
12 Feb 2018

North Korea is unable to pay its share of the 2018 U.N. budgets because of international sanctions on its foreign exchange bank and has asked a senior U.N. official for help, the country’s U.N. mission said in a statement.

North Korea’s U.N. Ambassador Ja Song Nam met with U.N. management chief Jan Beagle on Friday to ask the world body to help secure a bank transaction channel so Pyongyang could pay the nearly $184,000 it says it owes for 2018.

U.N. member states are required to pay assessed contributions to the world body’s regular and peacekeeping budgets, as well as a budget for international tribunals.

U.S. and U.N. sanctions on the Foreign Trade Bank, North Korea’s primary foreign exchange bank, were preventing the country ”from honoring its obligation as a U.N. member state by hindering even normal activities such as payment of the U.N. contribution,” the North Korean mission said in a statement late on Friday.

”It also shows how cruel and uncivilized the sanctions are,” it said.

If it is unable to make payment “it is crystal clear” the blame lies with the United States and “its followers,” the statement said.

The United States sanctioned the Foreign Trade Bank in 2013, while the U.N. Security Council blacklisted the bank last August.

– By Michelle Nichols, Reuters, 10 February 2018

Read more:

US bans Chinese bank over North Korea sanctions, money laundering

Sanctions in 2018: Watch out for new Magnitsky method targeting individuals

Can Venezuela’s cryptocurrency ‘petro’ lift the economy, after all?

Advance your CPD minutes for reading this article, by signing up and using the CPD Wallet

FREE CPD Wallet
Must Read

Understanding EU anti-money laundering law: EU 4AMLD, EU 5AMLD, EU 6AMLD

In recent years the European Union has looked to its flex its legislative muscle and come up with an array of laws aimed at cracking down on money laundering and terrorism financing. Key to its package are its various directives, which impact national laws, banking operations and various other… Read More

Banking: Curbing employee fraud and corruption with an effective KYE program

The banking system’s vulnerability to fraud, corruption and money laundering is once again a focal point of debate in the wake of recent disclosures by the Central Bank of Nigeria that major losses have been recorded by banks from armed robbery cases and other criminal activities amounting to N12bn… Read More