Economics
North Korean Banks Barred From Swift Global Messaging System
- Seven blacklisted banks had continued use of Swift, WSJ Says
- Belgium withdrew authorization for North Korean services
China Aims to Diffuse Tensions Over North Korea
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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.
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. "As a result, Swift suspended access of UN-designated North Korean entities to the Swift financial messaging service," the statement said.