Baroness Vere of Norbiton, Treasury, has provided the following answer to your written parliamentary question (HL2823):
Question by Lord Alton of Liverpool :
To ask His Majesty’s Government whether they are taking steps through the Financial Action Task Force against Russia for violating sanctions on North Korea. (HL2823)
Tabled on: 28 February 2024
Answer:
Baroness Vere of Norbiton:
On 23 February, the Financial Action Task Force (FATF) expressed its concern about the growing financial connectivity of Russia with countries subject to countermeasures, namely North Korea and Iran, and the potential risks of proliferation financing, malicious cyber activities and ransomware attacks.
The UK’s recent joint statement (12 January 2024) is clear that Russia’s procurement of North Korean ballistic missiles and their use against Ukraine violate multiple UNSCRs. Actively facilitating the circumvention of UNSCR 1718 and violating its prohibitions undermines the global fight against proliferation, the UN sanctions regime, and consequently the financial sanctions requirements of the FATF standards. The UK will continue to call out Russia’s violation of UNSCRs both at the UN and within the FATF.
Date and time of answer: 05 Mar 2024 at 12:28.
