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

Rebels drop home opener to Oil Kings

The Edmonton Oil Kings were simply better than the Red Deer Rebels… Continue reading

RDC Kings topple Medicine Hat College Rattlers

Kings Matheus Alves scores twice in the win

Grassroots movement to clean up Red Deer is gaining momentum

Homeless people need more attention than shopping carts, says former councillor Cindy Jefferies

Improving life for people with Alzheimer’s and their families is a priority for Raitt

The federal Conservatives deputy leader is dealing with the disease in her own home

PHOTO: International Peace Day

Visitors broke bread, made crafts and trading cards at a gathering marking… Continue reading

RDC Kings topple Medicine Hat College Rattlers

Kings Matheus Alves scores twice in the win

Saskatchewan RCMP charge man in abduction that sparked Amber Alert last Sunday

NORTH BATTLEFORD, Sask. — Saskatchewan RCMP have arrested a man following an… Continue reading

One dead following police-involved shooting in Burlington, Ont.

BURLINGTON, Ont. — Ontario’s police watchdog says a 32-year-old man was shot… Continue reading

Several injured as Tornado tears through Ottawa and Gatineau, Que.

OTTAWA — A tornado ripped through the Ottawa area Friday afternoon, damaging… Continue reading

B.C. wildfires burned large areas affected by mountain pine beetles: Experts

VANCOUVER — Clearing or burning beetle ravaged forests may be costly but… Continue reading

Dustin Byfuglien scores in overtime, Jets beat Flames 4-3 in pre-season

WINNIPEG — Bryan Little tied the game late in the third and… Continue reading

Mistrial denied in Calgary murder trial over jury’s visit to hotel Denny’s

CALGARY — A Calgary judge has denied a request for a mistrial… Continue reading

Former Canadian astronaut says space shuttle is a vehicle of hope

OTTAWA — Sending messages of hope from space is a big part… Continue reading

Canada requests trade panel on uncoated groundwood paper ruling by U.S.

OTTAWA — Canada has requested a NAFTA trade panel review a U.S.… Continue reading

Most Read