President Trump signed
an executive order Thursday targeting North Korea’s trading partners,
calling it a “powerful” new tool aimed at isolating and de-nuclearizing
the regime.
The president announced the order as he met with South Korean President
Moon Jae-in and Japanese Prime Minister Shinzo Abe on the sidelines of
the U.N. General Assembly.
He said the order would help target individuals and companies doing
business with Pyongyang. Specifically, he said it enhances the Treasury
Department’s authority to target those conducting significant trade with
the regime, including by sanctioning foreign banks.
“It is unacceptable that others financially support this criminal rogue
regime,” Trump said.
He added, “Foreign banks will face a clear choice. Do business with the
United States, or facilitate trade with the lawless regime in North
Korea.”
Treasury Secretary Steven Mnuchin echoed the president as he issued a
warning to foreign banks at a news conference Thursday.
“Foreign financial institutions are now on notice that going forward
they can choose to do business with the United States or with North
Korea, but not both,” he said.
Mnuchin said the executive order authorizes the Treasury Department to
suspend U.S. account access to foreign banks that knowingly facilitate
“significant transactions tied to trade with North Korea.”
“For too long, North Korea has evaded sanctions and used the
international financial system to facilitate funding for its weapons of
mass destruction and ballistic missile programs,” Mnuchin said. “No bank
in any country should be used to facilitate Kim Jong Un’s destructive
behavior.”
According to a fact sheet provided by the White House, the executive
order issues a 180-day ban on vessels and aircraft that have visited
North Korea from visiting the United States.
It also allows for sanctions of those involved in the construction,
energy, financial services, fishing, information technology,
manufacturing, medical, mining, textiles, or transportation industries
in North Korea.
On the heels of giving a blistering speech before the U.N. General
Assembly where the president blasted “rocket man” Kim Jong Un, Trump
said Thursday that he seeks a “complete de-nuclearization” of North
Korea.
“We cannot have this as a world body any longer,” he said.
Trump also praised China following reports that its banks are halting
business with North Korea.
Chinese banks received a document Monday stating they should halt
financial services and loans to new and existing North Korean customers
as a result of strict U.N. sanctions passed earlier this month, a source
told Reuters on Thursday.
“Our bank is fulfilling our international obligations and implementing
United Nations sanctions against North Korea. As such, we refuse to
handle any individual loans connected to North Korea,” the document
reportedly said.
The move comes after repeated calls from the Trump administration for
China to help isolate Kim Jong Un's dictatorship.
“We appreciate it,” Trump said Thursday. |
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