The lansinginstitute.org recommends a new report from The Sentry, shows that in an effort to evade the international sanctions designed to disrupt its nuclear weapons program, North Korea exploited vulnerabilities in certain parts of the banking sector of the Democratic Republic of Congo to gain access to the global financial system. The report details how Afriland First Bank had an opportunity to prevent the illegal activity but failed to do so. DRC government officials and politicians appear to have been aware of what was going on but did not intervene, the investigation found.
Evading the international sanctions designed to disrupt its nuclear weapons program, North Korea exploited vulnerabilities in certain parts of the banking sector of the Democratic Republic of Congo (DRC) to gain access to the global financial system, The Sentry reveals in its latest investigative report.
Released today, The Sentry’s report “Overt Affairs” exposes a cascade of due diligence failures, compounded by entrenched corruption involving allies of former President Joseph Kabila, leading to a clear violation of US, EU, and UN sanctions. The report reveals how two North Korean nationals working through their company Congo Aconde obtained a US dollar-denominated account at the DRC affiliate of Afriland First Bank, thereby gaining access to the international financial system.
George Clooney, Co-Founder of The Sentry, said: “Don’t think for a second that corruption and money laundering in a place like the Democratic Republic of Congo doesn’t impact international security. When banks fail to fulfill basic compliance requirements – and when governments turn a blind eye – organized crime and terror financing will always flourish.”
In 2018, two North Korean businessmen formed a construction services firm in the Democratic Republic of Congo (DRC) and engaged in activities that appear to violate sanctions adopted by the European Union (EU), the United Nations, and the United States. Despite strict international prohibitions, these individuals opened a bank account for their company, Congo Aconde, and undertook construction projects in the country.
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