New Sanctions for North Korea
I’ve stated before here in FOD, I don’t believe sanctions against North Korea will have the desired effect of divesting their efforts to develop nuclear weapons. Kim Jong Un has consistently pursued a path of acquiring nuclear weapons and the missiles to deliver them in spite of the world’s desires for diminish his resolve to the point of allowing millions of his own people to die of starvation. Lack of cash however, might have the effect of at least slowing North Korea’s efforts. China’s banks in particular have been willing to launder Kim Jong Un’s money for years. Only recently, the Department of the Treasury took actions against the Bank of Dandong over concerns that it was participating in illicit financial activities with North Korea — an early signal to Chinese financial institutions of U.S. willingness to increase pressure on entities that do business with Pyongyang. On 21 September 2017, President Donald Trump announced Thursday that he had signed an executive order authorizing additional sanctions against North Korea by targeting individuals, companies and financial institutions that do business with what he called “this criminal rogue regime.” Speaking before a meeting with South Korean President Moon Jae-in and Japanese Prime Minister Shinzo Abe, Trump said his goal is the “complete denuclearization” of North Korea and added that the nation led by Kim Jong Un posed a “grave threat to peace and security in our world.” Trump noted that he’d signed the executive order just as China’s central bank “has told their other banks … to immediately stop doing business with North Korea.” The president praised Chinese President Xi Jinping for the “very bold move.” Treasury Secretary Steven Mnuchin (photo right) confirmed that he did call the People’s Bank of China early Thursday morning to alert them to this coming action, but skirted the question when asked if these sanctions were specifically aimed at China. “This action is directed at everyone,” Mnuchin said, calling the executive order a significant expansion of Treasury’s power to target the Kim regime and those financial entities and individuals who seek to do business with it. The executive order is “forward looking,” meaning Treasury will consider new designations on a “rolling basis” from Thursday on. So far, the administration has sought to pressure Pyonyang largely through forceful economic steps, including Thursday’s latest action and U.N. Security Council sanctions earlier this month. The President has this right.