The Obama administration is working to cut off North Korea's remaining access points to the global financial system, including through China, a U.S. Treasury Department official told lawmakers Tuesday.
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.
U.S. lawmakers will introduce sanctions legislation targeting North Korea's use of criminal proceeds and third-country banks that finance its nuclear program, members of the House Foreign Affairs Committee said Tuesday.
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.
New U.S. sanctions targeting North Korea, including a likely block on assets tied to the nation's top officials, will require the cooperation from Chinese monetary authorities to be effective, say analysts.
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.
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 Republic of Korea has become the 35th full member of the Financial Action Task Force after undergoing a rigorous review of its anti-money laundering and counter-terrorist financing regime, the Paris-based watchdog group announced Wednesday.
Compliance officers at some of the world's largest financial institutions are concluding they need to create sanctions-specific programs to avoid regulatory penalties and tarnished reputations, according to a Deloitte survey released Monday.
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.
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.
A decision by the Bush administration to remove North Korea from its state sponsors of terror list will have little impact on how financial institutions and other companies deal with the Asian country.
The bill states that North Korea cannot be removed from the U.S. State Sponsors of Terrorism list unless it shows it has stopped helping other terrorism sponsors develop nuclear weapons.
The money was transferred Thursday through the New York branch of the Federal Reserve to a small, private Russian bank, Far East Commercial Bank, according to reports.
Treasury officials have collected enough information to quickly resolve a disagreement involving Banco Delta Asia, a Treasury Department official said. Officials last month began talks with North Korea over its alleged involvement in counterfeiting and laundering money through the bank.
The talks focused on North Korea's alleged involvement in counterfeiting and its efforts to launder money through Banco Delta Asia.
The U.S. Treasury Department has labeled Banco Delta Asia in Macau as a primary money laundering concern. For 20 years the bank has been providing financial services to North Korean government agencies and front companies linked to crimes.