North Korea’s Financial Transactions and Policy Implications
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This study investigates North Korea’s method of circumventing financial sanctions based on a survey of 100 Chinese firms engaged in trade with North Korea, as well as in-depth interviews with high-ranking North Korean defectors who have professional experiences in the financial sector. Survey results indicate that North Korea still prefers dollar–based financial transactions in trade settlements of a certain size. In addition, this study categorizes North Korea’s circumventing financial transactions by five methods: transactions via bank accounts under borrowed names, cash depositories, paper companies, joint-venture banks, and embassies. Lastly, this research presents policy implications to enhance the effectiveness of financial sanctions.
Abstract
This study investigates North Korea’s method of circumventing financial sanctions based on a survey of 100 Chinese firms engaged in trade with North Korea, as well as in-depth interviews with high-ranking North Korean defectors who have professional experiences in the financial sector. Survey results indicate that North Korea still prefers dollar–based financial transactions in trade settlements of a certain size. In addition, this study categorizes North Korea’s circumventing financial transactions by five methods: transactions via bank accounts under borrowed names, cash depositories, paper companies, joint-venture banks, and embassies. Lastly, this research presents policy implications to enhance the effectiveness of financial sanctions.
참고문헌 (17)
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