Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence
Series 9, Episode 3: North Korea, Russia, crypto and changing attitudes to sanctions in Asia
Oct 12, 2023
Regulatory expert Helen Chan and senior editor Rachel Wolcott discuss the growing entanglement between North Korea, Russia, and cryptocurrencies. They explore how crypto exchanges have been sanctioned for helping launder assets and how North Korean cybercriminals utilize cryptocurrencies for their weapons program. The podcast also highlights the risks of closer ties between North Korea and Russia, the importance of sanctions compliance for financial institutions, and the challenges in due diligence on crypto exchanges.
30:13
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Quick takeaways
- The increasing connection between secondary sanctions risk and cryptocurrencies is a major concern, as it enables sanctioned entities to launder assets and support North Korea's Weapons of Mass Destruction program.
- Asian countries like Singapore and Japan are implementing their own unilateral sanctions regimes and actively enforcing them, highlighting the need for compliance officers to carefully consider the changing landscape and potential risks.
Deep dives
Growing entanglement between secondary sanctions risk and cryptocurrencies
The podcast episode discusses the increasing connection between secondary sanctions risk and cryptocurrencies. It highlights that distinguishing between good and bad actors in the crypto sector is challenging, as there is a history of performative compliance. Several recent examples, such as the closure of crypto exchanges like tornado cash and bits lotto for assisting sanctioned entities in laundering assets, demonstrate the involvement of cryptocurrencies in sanctions violations. Notably, North Korean cybercriminals have been using the crypto universe to generate income and support their Weapons of Mass Destruction program.
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