Finance minister issues order in response to North Korean money-laundering fears

Canadian financial institutions have been ordered to treat what few transactions they conduct with North Korea with even greater diligence as the federal government tries to increase pressure on the nuclear-armed nation.

Finance Minister Bill Morneau quietly issued the directive last month following concerns that the North Korean government was skirting international sanctions through money-laundering and other illicit means.

Financial transactions between Canada and North Korea are already extremely limited because of those sanctions, which the federal government imposed in August 2011.

But financial institutions will now have to treat even those few that are allowed, which include remittances worth less than $1,000 and humanitarian aid, as potential cases of money-laundering and report them to the government.

The move comes as Canada prepares for a meeting with allies in Vancouver next week, where the main topic will be finding ways to further squeeze the North Korean government and get it to give up its nuclear program.

The discussions will put a heavy emphasis on stopping North Korean money-laundering as well as smuggling by sea, which U.S. officials have suggested could involve taking action against North Korean shipping.

Just Posted

Maskwacis RCMP seeking suspect in fatal hit and run

A Maskwacis man was fatally injured after being hit early Saturday morning on Hwy 611

Red Deer to get new a plan to end homelessness as the problem persists

Despite some successes there’s ‘a long way to go,’ says manager

Many Red Deer-area farmers deal with a disastrous year

Dought in the spring, snow at harvest creates bad yields, sends hay prices soaring

Photos: Part of downtown Red Deer covered in trash over the weekend

Downtown businesses deal with trash, needle debris, graffiti

Delburne man’s reckless driving led to fatal crash: Crown prosecutor

Jury began deliberating in manslaughter trial on Monday afternoon

Speaker at rally says Alberta oil ‘puts tofu on the table in Toronto!’

GRANDE PRAIRIE, Alta. — A rally in support of Alberta’s oil industry… Continue reading

Moneywise: Canadian workers unhappy with pay, want pension plans

Many working Canadians are feeling underpaid and are so worried about their… Continue reading

Brazil police say faith healer has turned himself in

RIO DE JANEIRO — A celebrity faith healer accused of sexually abusing… Continue reading

B.C. hockey coach creates ‘gear library’ to remove cost barrier of sport

VANCOUVER — Nicola Froese says she has always loved playing sports, but… Continue reading

Canada’s Kim McRae finishes seventh at luge World Cup in Lake Placid, N.Y.

LAKE PLACID, N.Y. — Canada’s Kim McRae finished in seventh place at… Continue reading

Jeff Bridges to receive Cecil B. DeMille Award at Globes

LOS ANGELES — Jeff Bridges may have once been considered as one… Continue reading

Top of mind: ‘Justice’ is Merriam-Webster’s word of the year

NEW YORK — Racial justice. Obstruction of justice. Social justice. The Justice… Continue reading

Man who demolished landmark house ordered to build replica

SAN FRANCISCO — A man who illegally demolished a San Francisco house… Continue reading

Giuliani: ‘Over my dead body’ will Mueller interview Trump

WASHINGTON — With a number of probes moving closer to the Oval… Continue reading

Most Read