LONDON, Dec. 29 (UPI) -- North Korea plans to use the London gold market to get around financial sanctions imposed by the international community, it was reported Friday.

North Korean leader Kim Jong Il has relisted North Korea's central bank with the London Bullion Market Association and plans to sell gold through London once the country gets a regular supply from its outdated mines, The Times of London reported.

Foreign investors, including London's Chosun Development and Investment Fund, are helping North Korea develop its mines, the Times said.

North Korea's entry into the gold market would damage U.S. efforts to limit North Korea's ability to pay for weapons of mass destruction and nuclear materials, the newspaper said.

The United Nations imposed financial sanctions against North Korea in October after Pyongyang claimed to have detonated a nuclear device. Gold sales are not covered by the sanctions.