Foreign banks that willfully process significant transactions for North Korea face exclusion from the U.S. financial system under a new directive from the White House, regardless of whether the payments are conducted in U.S. dollars. In an executive order Thursday, the White House also authorizes the U.S. Treasury Department to blacklist any individual or company caught trading with designated North Koreans and confiscate the U.S. assets of entities that support North Korea's textile, mining, energy and other industries in response to the country's development of nuclear weapons. "Foreign financial institutions are now on notice that, going forward, they can choose...
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