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U.S. to Turn to China and Other Nations to Penalize North Korea, Officials Say
By Kira Zalan
printThe 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...
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U.S. President Barack Obama signed an executive order on Tuesday clearing the way for sanctions against a broad array of foreign businesses operating on behalf of or within North Korea.
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.
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.
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.
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.
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.