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. In testimony before the U.S. House Foreign Affairs Committee, Assistant Secretary for Terrorist Financing Daniel Glaser said that the Obama administration intends to again use an executive order signed earlier this month that clears the way for sanctions against individuals and entities linked to the North Korean government. The effort to further penalize the financially-isolated nation will entail pressuring China, a "key point of access" to the banking system for North...
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.
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.
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.