Foreign officials who knowingly fail to enforce U.N. trade and banking restrictions levied against North Korea in response to the country’s nuclear weapons and ballistic missile programs could be blacklisted under U.S. legislation introduced this week.
China’s largest financial institutions are still processing transactions tied to North Korea in violation of international sanctions, a senior U.S. lawmaker claimed Tuesday.
U.N. Security Council sanctions imposed on North Korea last week could require U.S. financial institutions to more effectively scrutinize correspondent transactions and trade financing linked to corporate accounts in Asia, according to compliance sources.