"Today, the Trump administration is continuing its efforts against the government of North Korea. Despite multiple U.N. Security Council resolutions imposing international sanctions, the government of North Korea continues its nuclear and ballistic missile programs," Mnuchin said Thursday during a televised White House briefing. "Today, Treasury’s Financial Crimes Enforcement Network has found the Bank of Dandong to be a foreign financial institution of primary money laundering concern under Section 311 of the U.S.A Patriot Act. This bank has served as a gateway for North Korea to access the U.S. and international financial systems, facilitating millions of dollars of transactions for companies involved in North Korea’s nuclear and ballistic missile programs," Mnuchin said. "The United States will not stand for such action. "This will require U.S. banks to ensure that the Bank of Dandong does not access the U.S. financial system directly or indirectly through other foreign banks. This action reaffirms the Treasury Department’s commitment to ensure that North Korea is cut off from the U.S. financial system," he said.
Sanctions were also announced by Treasury's Office of Foreign Assets Control (OFAC) against two Chinese individuals and one Chinese company in response to North Korea's weapons of mass destruction development and continued violations of United Nations Security Council resolutions. Chinese citizen Sun Wei, who has been closely aligned with the U.S.-designated Foreign Trade Bank in establishing and running a cover company on behalf of the bank, and Chinese citizen Li Hong Ri, who established several front companies used by Beijing-based, U.S.-designated Ri Song Hyok, were targeted by sanctions.
Dalian Global Unity Shipping Company was also sanctioned for operating in the transportation industry in the North Korean economy. The company was actively involved in eight cases of smuggling luxury goods. It reportedly transports 700,000 tons of freight annually, including coal and steel products, between China and North Korea. "While today’s actions are directed at Chinese individuals and entities, we look forward to continuing working closely with the government of China to stop illicit financing involving North Korea. We are in no way targeting China with these actions. We will be meeting with China and other countries at the G20 next week to further our efforts to cut off North Korea’s illicit activities," Mnuchin said. "North Korea’s provocative, destabilizing, and inhumane behavior will not be tolerated. We are committed to targeting North Korea’s external enablers in maximizing economic pressure on the regime until it ceases its nuclear and ballistic missile programs," he said. "This is very significant, since this is the first bank that we’ve cut off under this," Mnuchin said, adding that the U.S. "will continue to look at these actions and continue to roll out sanctions." "As I said, in this case it’s millions of dollars, but we are committed to cutting off all illegal funds going to North Korea," he added.
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