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. The bill, if introduced, may represent the last step of a long-running, international effort to force North Korea to abandon its nuclear posture through economic pressure before "preemptive action" is taken, members of the U.S. Senate Committee on Foreign Relations said in a hearing Tuesday. More must be done to choke off funds that have continued to flow into North Korea's nuclear and missile programs-particularly...
U.N. Security Council sanctions imposed on North Korea last week could require U.S. financial institutions to more effectively scrutinize correspondent transactions and trade financing linked to corporate accounts in Asia, according to compliance sources.
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 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.