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New US Sanctions against NKorea Banks

New US Sanctions against NKorea Banks
folder_openKoreas access_time6 years ago
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New US sanctions will punish eight North Korean banks and 26 bank workers living abroad, the Trump administration announced Tuesday, in the first use of new sanctioning powers granted by US President Donald Trump.

New US Sanctions against NKorea Banks

The sanctions rely on an executive order Trump signed last week to target North Korea's access to the international banking system.

They come as the United Nations has also recently passed its toughest sanctions package targeting North Korea.

Trump, speaking in the Rose Garden Tuesday, said North Korea must no longer be allowed to "threaten the entire world with unthinkable loss of life."

"All nations must act now to ensure the regime's complete denuclearization," Trump said.

Trump also warned North Korea that any US military option would be "devastating" for Pyongyang, but said the use of force was not Washington's first option to deal with the North's ballistic and nuclear weapons program.

"We are totally prepared for the second option, not a preferred option," he said at a White House news conference.

"If we have to take [the military option], we will," he added.

Despite the escalation in tensions, the US has not detected any change in North Korea's military posture reflecting an increased threat, top US military officer Marine Corps Gen. Joseph Dunford said Tuesday, in contrast to a South Korean lawmaker who said Pyongyang had boosted defenses on its east coast.

The eight banks targeted by the new sanctions are all in North Korea. The Treasury Department said the 26 individuals are North Korean nationals employed by those banks. Of the 26, 19 live in China, while three live in Russia and two each in Libya and the United Arab Emirates.

Source: News Agencies, Edited by website team

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