The Saudi Arabia Monetary Authority (SAMA) has forbidden all financial institutions such as banks, insurers, foreign exchange offices, and intermediaries under its jurisdiction from dealing with North Korea, its citizens, and financial institutions in its territory.
In yet another blow to the regime’s international dealings, the ban also includes insurance and reinsurance services to North Korean ships, as well as money remittances to the country, credit guarantees for North Korean exports, and any other similar financial transactions.
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A source from the SAMA told the
Saudi Gazette that the ban is in line with UN sanctions on the authoritarian nation that has been ruled by the Kim family for generation. It was reported that Saudi Arabia does not want to contribute to the country’s nuclear arsenal programs.
Saudi Arabia currently has several accounts in North Korean banks, but all will be closed, except one which will be used to fund diplomatic corps and consular offices.
All existing North Korean representative offices and branches, as well as associated bank accounts will be closed.
The SAMA has requested all financial companies to submit lists of all North Korean individuals and companies in Saudi territory for further precautionary measures.
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