North Korea Eyeing Crypto To Evade Sanctions, Report Warns

North Korea appears to be stepping up efforts to circumvent sanctions by performing an end-run around the banking sector, instead using cryptocurrency to raise funds and make purchases, researchers have warned.

Conducted by the Royal United Services Institute (RUSI), a UK-based defence and security think tank, the study warned that North Korea has recently expanded its attempts to work around international sanctions — including those related to its nuclear proliferation activities — via “the exploitation of cryptocurrencies such as Bitcoin”.

It said use cases included short-term fundraising, long-term stockpiling of financial reserves and paying for goods and services that are forbidden by international sanctions.

To continue reading...

Our Key Benefits

PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.

We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.

We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.