GLOBAL SURVEY OF PRIVATE SECTOR REVEALS SIGNIFICANT PROLIFERATION FINANCE AND NORTH KOREA AND IRAN SANCTIONS IMPLEMENTATION GAPS

On 7 February, KYC 360 reported on a survey and report by RUSI, ACAMS and YouGov.  The survey of the global financial industry shows that international banks are leading efforts in counter-proliferation finance, with local and national banks at greater risk of being exploited by proliferators, such as North Korea.  It found that US banks are most exposed to proliferation risk from Iran and that few banks consult UN Panel of Experts Reports on North Korea, and that that international banks are likely to be more familiar with proliferation finance risk than national or regional ones.  Also worryingly, it found that 81% respondents think proliferation finance is primarily about the procurement and financing of nuclear, chemical and biological weapons, rather than primarily about the proliferation efforts of specific state actors or non-state groups, and that survey respondents from the US are also less likely to be aware of and consult proliferation finance red flags, compared to other regions.

https://www.riskscreen.com/kyc360/news/global-survey-of-private-sector-reveals-significant-proliferation-finance-and-north-korea-and-iran-sanctions-implementation-gaps/

The survey and results are at –

https://rusi.org/PFSurvey2020

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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