US moves to lock North Korea out of global financial system

Action follows recent UNSC resolution that calls on all UN members to cut off banking relations with Pyongyang

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.



"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.



"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."