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U.S. Expands Sanctions Powers Against North Korea
printThe 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. The U.S. Departments of Treasury and State said in a statement that the new sanctions targeted North Korea's weapons trade, including two Pyongyang-based companies-Korea Taesong Trading Company and Korea Heungjin Trading Company-accused of facilitating arms deals with Syria and Iran. The measures also named four North Korean nationals and six government-controlled organizations, including the country's Munitions Industry Department and Second Academy of Natural Sciences. Under the executive order, signed by President Obama...
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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.
The U.S. House of Representatives passed a measure in a voice vote that would require American officials to determine whether to punish foreign banks that maintain ties with North Korea.
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.
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.
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.
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.
Ron King, vice president and chief anti-money laundering officer for Toronto-based Scotiabank, talks with reporter Larissa Bernardes about how banks can detect the financial transactions of weapons facilitators, the subject of an upcoming FATF report.
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.