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Burden of North Korea Sanctions to Fall Heavily on Asia, Less So on Europe
By Brian Monroe
printBanks in China, Southeast Asia and Europe will soon see their compliance duties get tougher under new U.N. sanctions measures aimed at stifling North Korea's nuclear arms program, say analysts. On Thursday, the U.N. Security Council approved a resolution calling on member states to prohibit correspondent accounts, freeze transactions and abstain from joint ventures tied to North Korea's weapons proliferation efforts. The measure, which also calls for greater scrutiny of bulk cash shipments, is intended as a reprisal for the country's Feb. 12 nuclear weapons test. On Monday, the U.S. Treasury Department bolstered that effort, blacklisting Pyongyang-based Foreign Trade Bank...
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The U.S. Treasury Department blacklisted a North Korean bank and a related firm Thursday for their alleged role in facilitating the country's weapons programs.
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Although American financial institutions and the North Korean government rarely cross paths, U.S. officials have numerous avenues to sanction the Asian country for its latest nuclear weapons test, say attorneys.
The U.S. Treasury Department's sanctions arm blacklisted Korea Daesong Bank Thursday for its alleged ties to a branch of the North Korean communist government.
The United States expanded economic sanctions measures against North Korea Monday, blacklisting 12 entities and individuals and issuing an executive order under which new prohibitions can be enacted.
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Bank of America has cut its ties to North Korea after the nation topped an intergovernmental blacklist of countries with poor anti-money laundering regimes, according to a bank compliance official.
An influential financial crime watchdog group released Thursday a much-anticipated list of nearly 30 countries with anti-money laundering and counter terrorism financing deficiencies.
The U.S. Treasury Department blacklisted a North Korean bank and the president of another financial institution Friday for allegedly helping the country's communist government develop its weapons programs.
The United Nations Security Council Friday unanimously approved strengthening trade and economic sanctions against North Korea, including the reinstitution of financial freezes passed but not acted on in 2006.
Economic sanctions expected against North Korea over its test of a nuclear bomb will likely include companies in China, South Korea, Thailand and Russia linked to trade with the communist nation, say consultants.
A recent United Nations resolution against North Korea will bolster sanctions against the country but may fall short of results achieved by a 2006 asset freeze, say observers.
The Bush Administration removed North Korea from its state sponsors of terrorism list Saturday, a decision likely to have little impact on economic sanctions against the country.
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