US Seeks to Cut North Korea off International Banking

US Seeks to Cut North Korea off International Banking
The United States moves to dissuade foreign banks from working with North Korea by threatening action against international financial transaction with Pyongyang.

The US administration issued a warning Wednesday, with the Treasury Department designating North Korea as a “primary money laundering concern.”

Treasury officials said they are moving to ban non-US banks and entities from processing dollar transactions on behalf of North Korea in a move to block Pyongyang’s international trade, according to the Wall Street Journal.

“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,” said Treasury’s top sanctions official, Adam Szubin.

This May 10, 2016 picture released from North Korea shows a parade in the capital, Pyongyang. (AFP)

The latest US move comes as North Korea has begun a 200-day battle to boost the country’s sanctions-hit economy as part of a five-year economic plan.

"The 200-day battle is a safeguard for the party policy that will open up a breakthrough for carrying out the five-year strategy for economic growth," the North’s Rodong Sinmun daily said in an editorial on Wednesday.

The country recently came under the most crippling sanctions by the UN and the West over its nuclear missile tests.

Pyongyang declared itself a nuclear power in 2005 and carried out four nuclear weapons tests - in 2006, 2009, 2013 and 2016.

The UN sanctions have imposed trade restrictions on the North, required all UN members to inspect all cargo to and from the country and barred vessels suspected of carrying illegal goods for North Korea from ports.

Exports of coal, iron and iron ore, gold, titanium and rare earth minerals from North Korea are also banned while the supply of aviation fuel including rocket fuel to the country is also prohibited.

The measure tightens banking restrictions on North Korea and governments are to be required to ban flights of any plane suspected of carrying contraband destined for North Korea.

Comments

Why States Still Use Barrel Bombs

Smoke ascends after a Syrian military helicopter allegedly dropped a barrel bomb over the city of Daraya on Jan. 31.(FADI DIRANI/AFP/Getty Images) Summary Barrel bombs are not especially effective weapons. They are often poorly constructed; they fail to detonate more often than other devices constructed for a similar purpose; and their lack of precision means they can have a disproportionate effect on civilian populations. However, combatants continue to use barrel bombs in conflicts, including in recent and ongoing conflicts in Africa and the Middle East, and they are ideally suited to the requirements of resource-poor states. Analysis Barrel bombs are improvised devices that contain explosive filling and shrapnel packed into a container, often in a cylindrical shape such as a barrel. The devices continue to be dropped on towns all over Syria . Indeed, there have been several documented cases of their use in Iraq over the past months, and residents of the city of Mosul, which was re

Russia Looks East for New Oil Markets

Click to Enlarge In the final years of the Soviet Union, Soviet leader Mikhail Gorbachev began orienting his foreign policy toward Asia in response to a rising Japan. Putin has also piloted a much-touted pivot to Asia, coinciding with renewed U.S. interest in the area. A good expression of intent was Russia's hosting of the Asia-Pacific Economic Cooperation summit in 2012 in Vladivostok, near Russia's borders with China and North Korea. Although its efforts in Asia have been limited by more direct interests in Russia's periphery and in Europe, Moscow recently has been able to look more to the east. Part of this renewed interest involves finding new export markets for Russian hydrocarbons. Russia's economy relies on energy exports, particularly crude oil and natural gas exported via pipeline to the West. However, Western Europe is diversifying its energy sources as new supplies come online out of a desire to reduce its dependence on Russian energy supplies . This has

LONDON POLICE INDIRECTLY ENCOURAGE CRIMINALS TO ATTACK RUSSIAN DIPLOMATIC PROPERTY

ILLUSTRATIVE IMAGE A few days ago an unknown perpetrator trespassed on the territory of the Russian Trade Delegation in London, causing damage to the property and the vehicles belonging to the trade delegation , Russian Foreign Ministry Spokeswoman Maria Zakharova said during the September 12 press briefing. The diplomat revealed the response by the London police was discouraging. Police told that the case does not have any prospects and is likely to be closed. This was made despite the fact that the British law enforcement was provided with video surveillance tapes and detailed information shedding light on the incident. By this byehavior, British law inforcements indirectly encourage criminals to continue attacks on Russian diplomatic property in the UK. Zakharova’s statement on “Trespassing on the Russian Trade Mission premises in London” ( source ): During our briefings, we have repeatedly discussed compliance with the Vienna Convention on Diplomatic Relations, specif

ISDEI Instituto de Seguridad, Defensa y Estudios Internacionales

Search This Blog