US issues warning against fake dollars from North Korea

With the threat of conflict high between the US and North Korea, the US Treasury Department warned financial institutions that North Korea might use “deceptive financial practices” as a work around economic sanctions levied upon the country.

The US government has increased its efforts in preventing North Korea to weaponize nukes. With this, it is deemed possible for North Korea to infuse the US with “high-quality” counterfeit US currency and the warning urges financial institutions to carefully check large cash transactions coming from North Korea.

Banks should be wary of attempts to suppress the identity or origin of transactions made by North Korean clients, the advisory said. Money transfers made via third parties, and repeated transfers that appear to have “no legitimate purpose” should also raise red flags.

North Korea has largely been criticized by the international community for flying a rocket past Japanese airspace, conducting nuclear tests and firing ballistic missiles into the sea. The UN Security Council called for stricter measures to prevent North Korea from developing nuclear weapons.

Source: CNN

Related posts:

1. When financial issues set you back
2. How will you spend a million dollars?
3. Exploring the community college option
4. Six Flags files for bankruptcy
5. Opposition blasts Obama tax evasion crackdown