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U.S. to Expand Sanctions on N. Korea Finances, Officials Say
Source: Bloomberg
U.S. to Expand Sanctions on N. Korea Finances, Officials Say
By Sangwon Yoon Jan 13, 2015 6:07 PM ET
The Obama administration will increase pressure on North Korea with additional sanctions against Kim Jong-Un’s regime and its supporters in response to the country’s hacking of Sony Pictures Entertainment computers, officials told members of Congress.
President Barack Obama’s Jan. 2 executive order, which blacklisted 10 North Korean officials and three state organizations, provides “flexibility that we haven’t had before to target the North Korean government, to target North Korean officials and to target those who provide material support to any designated entity,” Daniel Glaser, assistant Treasury secretary for terrorist financing, said Tuesday at a hearing of the House Foreign Affairs Committee.
The U.S. intends to “increase the cost” by targeting the North Korean elite’s sources of hard currency and its ability to repatriate cash via the international financial system, primarily through China, said Glaser, who was joined by colleagues from the State Department and the Department of Homeland Security.
The officials’ testimony suggests that the U.S. may expand its sanctions in a manner similar to its 2005 blacklisting of Macau, China-based Banco Delta Asia for doing business with the Kim regime. The U.S. would need Chinese backing to deter financial institutions from dealing with the North.
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By Sangwon Yoon Jan 13, 2015 6:07 PM ET
The Obama administration will increase pressure on North Korea with additional sanctions against Kim Jong-Un’s regime and its supporters in response to the country’s hacking of Sony Pictures Entertainment computers, officials told members of Congress.
President Barack Obama’s Jan. 2 executive order, which blacklisted 10 North Korean officials and three state organizations, provides “flexibility that we haven’t had before to target the North Korean government, to target North Korean officials and to target those who provide material support to any designated entity,” Daniel Glaser, assistant Treasury secretary for terrorist financing, said Tuesday at a hearing of the House Foreign Affairs Committee.
The U.S. intends to “increase the cost” by targeting the North Korean elite’s sources of hard currency and its ability to repatriate cash via the international financial system, primarily through China, said Glaser, who was joined by colleagues from the State Department and the Department of Homeland Security.
The officials’ testimony suggests that the U.S. may expand its sanctions in a manner similar to its 2005 blacklisting of Macau, China-based Banco Delta Asia for doing business with the Kim regime. The U.S. would need Chinese backing to deter financial institutions from dealing with the North.
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Read more: http://www.bloomberg.com/news/2015-01-13/u-s-to-expand-sanctions-on-north-korean-finances-officials-say.html
