Seoul: North Korea has been removed as an observer of a regional anti-money laundering group due to its lack of engagement and failure to fulfill obligations, South Korea’s foreign ministry said Monday.
The unanimous decision was made at the 26th general assembly of the Asia Pacific Group on Money Laundering (APG), held in the United Arab Emirates last Tuesday, the ministry said in a press release, Yonhap news agency reported. The APG, formed in 1997, is an intergovernmental body committed to effectively implementing international standards against money laundering and combating the financing of terrorism and the proliferation of weapons of mass destruction.
Currently, the APG consists of 42 member states, including the U.S., Japan and China. South Korea joined the group in 1998. North Korea obtained the APG observer position in July 2014.
The APG had warned the North that no engagement in the group would deprive the regime of its observer status, and the disqualification was endorsed by the members as the North did not even meet the minimum requirements to maintain its status. (IANS)
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