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SWIFT, a global provider of financial messaging services, has banned multiple North Korean state banks from its financial messaging network, effectively freezing out the country from one of the most international financial cooperatives.
North Korea had already been facing headwinds in the banking space, a stance only compounded by its dissonance with US and European authorities. The latest banning and action by SWIFT followed on the heels of a United Nations report earlier this week, which had uncovered evidence that select banks had continued to utilize SWIFT’s global services despite being on its sanctions lists.
Previously, SWIFT has sanctioned countries ... (read more)