Burden of North Korea Sanctions to Fall Heavily on Asia, Less So on Europe

By Brian Monroe

Banks 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...