North Korea, Denying Hacking Role, Also Pushes Back Against FATF: "U.S. Fabricated High-Risk Money Laundering Designation"

North Korea has denied allegations that it was involved in the Binance hack and has also pushed back against the Financial Action Task Force (FATF)'s decision to again designate it as a high-risk jurisdiction. It is continuing its offensive against the outside world, portraying cybercrime and money laundering issues as part of the United States' hostile policy toward North Korea.

Financial Action Task Force (FATF) plenary session. Yonhap News

According to the Korean Central News Agency on November 6, a spokesperson for North Korea's Foreign Ministry condemned the FATF's decision to again list the country among those subject to countermeasures in response to a reporter's question on November 5. Addressing allegations of money laundering, terrorist financing, drug trafficking and currency counterfeiting, the spokesperson claimed that they were "fabricated by the United States and its followers and have absolutely nothing to do with us."

North Korea also argued that it had taken steps to increase the transparency of its financial transactions. The spokesperson said that the country had negotiated with the FATF since 2013 and amended and supplemented its domestic laws, adding that it had "taken a series of proactive measures to ensure transparency in financial transactions."

North Korea accused the FATF of repeatedly designating it as a high-risk jurisdiction while ignoring its efforts. It also cited the FATF's removal of North Korea's observer status at the Asia/Pacific Group on Money Laundering (APG) in 2024. The spokesperson denounced the FATF as "a conspiratorial group serving the United States' hostile policy toward North Korea and an extremely politicized body."

Earlier, the FATF held a plenary session in Paris, France, from October 26 to 30 and maintained North Korea's high-risk status. The FATF assesses the implementation of international standards to combat money laundering and terrorist financing. North Korea has been classified as high-risk since 2011.

The latest pushback came as the United States accused North Korea of being behind cryptocurrency theft. On October 31, the Federal Bureau of Investigation (FBI) identified the North Korean hacking group TraderTraitor as responsible for stealing more than $6 billion worth of cryptocurrency from Binance. In a statement on November 2, Kim Yo Jong, director of the General Affairs Department of the Workers' Party of Korea, denied the allegation, calling the U.S. claim "an absurd and groundless fabrication." On November 4, North Korea characterized the Binance incident, alongside denuclearization, human rights, sanctions and military issues, as an extension of the U.S. hostile policy. The Foreign Ministry also condemned international financial monitoring on the same grounds. However, the FATF's decision to redesignate North Korea came before the FBI's announcement about the Binance incident.

Meanwhile, Kim Song Nam, secretary of North Korea's Workers' Party of Korea, met with Wang Yi, director of the Office of the Central Commission for Foreign Affairs of the Communist Party of China, in Beijing on November 5. According to the news agency, Kim emphasized the significance of North Korean leader Kim Jong Un's visit to Dandong in October and the North Korea-China summit in Pyongyang last June. Li Ryong Nam, North Korea's ambassador to China, and Lu Kang, deputy head of the International Department of the Communist Party of China, were among those attending the meeting.

This content was produced with the assistance of AI translation services.