IN NORTH KOREA, LEGITIMATE BUSINESS CONTINUES IN PARALLEL WITH MURKY GREY MARKET
February 1st, 2010
BY ANDREW SALMON
TO assess the state of financial sanctions and how they are affecting Pyongyang, capital of North Korea, the first man to ask is an unassuming-looking Englishman named Nigel Cowie. "We have not been affected [by the latest sanctions] in terms of the need for increased compliance," said Cowie, CEO of Pyongyang-based Daedong Credit Bank. "But that's purely because we had to go to the maximum possible level of transaction monitoring long before the latest round of sanctions were imposed."
That latest round was imposed by the UN ...
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