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“PYMNTS” declare : North Korean Banks Barred From Swift System

collected by :Ros Roger

as declared in

“As a result, Swift suspended access of UN-designated North Korean entities to the Swift financial messaging service,” the statement said.
All in all, there were seven North Korean banks found to be illegally using Swift in recent years — though four voluntarily withdrew.
The ban comes as Belgian authorities informed Swift that that going forward they would no longer provide “necessary authorizations” to allow continued services to North Korean banks currently under UN sanctions.
Internationally sanctioned North Korean banks have now been banned by Swift — meaning said banks are now barred from using the global financial messaging service, according to a statement from the Belgium-based Society for Worldwide Interbank Financial Telecommunication.
North Korea has recently found itself at the center of international controversy over its decision to test fire four ballistic missiles into the sea near Japan.

As it stated in

“As a result, Swift suspended access of UN-designated North Korean entities to the Swift financial messaging service,” the statement said.
Blacklisted BanksSeven blacklisted North Korean banks had continued to use the Swift network in recent years, the newspaper cited a UN report as saying.
North Korean banks subject to international sanctions have recently been banned by Swift from using its global financial messaging service, according to a statement from the Belgium-based Society for Worldwide Interbank Financial Telecommunication.
North Korea has further stoked regional tension by firing four ballistic missiles into the sea near Japan on Monday.
Swift said it had recently been informed by Belgian authorities that they would no longer provide the “necessary authorizations” for it to continue offering services to North Korean banks covered by United Nations sanctions.

North Korean Banks Barred From Swift Global Messaging System*/

As it stated in

Swift Banking System Bars North Korean Banks

The Society for Worldwide Interbank Financial Telecommunication, known as Swift, banned the North Korean banks in recent weeks, the Belgian company told The Wall Street Journal.
WASHINGTON—Three North Korean state banks have been recently banned by the world’s most important financial messaging service, amid calls in the U.S. and Europe for the complete isolation of Pyongyang from the international financial system.
The move came as United Nations investigators uncovered evidence that the banks had continued to use…

Swift Banking System Bars North Korean Banks*/

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