China will continue playing an outsized role in international efforts to deter North Korea from advancing its nuclear weapons program but South Korea and the United States also "have much more work left to do," according to Washington, D.C. attorney Joshua Stanton, the principal drafter of the North Korea Sanctions Enforcement Act, which passed the House and Senate this month. The legislation, which now awaits White House approval, obligates U.S. officials to determine whether North Korea qualifies as a "primary money laundering concern" under Sec. 311 of the Patriot Act and to blacklist any entity caught importing, exporting or otherwise...
U.S. lawmakers are considering drafting new legislation that would mandate a ban on Chinese financial institutions with ties to blacklisted entities in North Korea ahead of the country's expected test of an intercontinental ballistic missile.
U.S. officials on Tuesday disclosed their intent to blacklist North Korea as a "primary money laundering concern" under the Patriot Act, citing ties between the country's financial system and nuclear weapons program.
The U.S. House of Representatives on Tuesday forwarded legislation to the Senate targeting North Korea's access to currency and foreign exchange services in response to the country's latest test of a nuclear weapon.