US moves to lock North Korea out of global financial system
WASHINGTON: The United States took steps Wednesday to lock North Korea out of the world financial system as it officially branded the country a “global money laundering concern.”
The move would prevent both direct and indirect North Korean financial activities within the US banking system, making sure that any third-party deals involving significant sums of US dollars cannot transit the US.
The action follows a recent United Nations Security Council resolution that calls on all UN members to cut off banking relations with Pyongyang.
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“The United States, the UN Security Council, and our partners worldwide remain clear-eyed about the significant threat that North Korea poses to the global financial system,” said Adam Szubin, the US Treasury’s acting under secretary for terrorism and financial intelligence.
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“Today’s action is a further step toward severing banking relationships with North Korea and we expect all governments and financial authorities to do likewise pursuant to the new UN Security Council Resolution.”