• 01:34
  • 20.08.2017
Trump stands up to Kim with plan to slash North Korea's cash
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19.08.2017

Trump stands up to Kim with plan to slash North Korea's cash

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The US Ambassador Joseph Yun is visiting South East Asia to demand countries cut off the hermit kingdoms illicit financial activity.

US Secretary of State Rex Tillerson, said: “Global action is required to stop a global threat.

“Any country that hosts North Korean guest workers, provides any economic or military benefits, or fails to fully implement UN Security Council resolutions is aiding and abetting a dangerous regime.”
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Weeks after North Korea launched its first intercontinental ballistic missile, the UN announced plans to impose another set of sanctions on the communist state to condemn the test launch.

Last week the US accused the Chinese Bank of Dandong of dealings with North Korea and placed sanctions on the company.

US Treasury Secretary Steven Mnuchin said: “We will cut the money off to North Korea until they behave properly.”
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China's Foreign Ministry denounced the move, with spokesman Lu Kang saying Beijing was “against other countries imposing long-arm jurisdiction over Chinese entities or individuals based on their domestic law”.

North Korea blamed President Trump for encouraging the UN to impose additional sanctions.

The hermit kingdom's foreign ministry spokesman said: “Should the United Nations Security Council adopt another 'resolution on sanctions', this will trigger corresponding measures by the DPRK and (the North will) respond to the 'resolution' with its act of justice.”
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Anthony Ruggiero, a former deputy director of the US Treasury Department, said: “The message to North Korea should be, if you're here, we're here, and we're going to give these countries and these banks and companies a choice – continue to do business in the US dollar or work with North Korea.”

The move is unlikely to have a big impact on North Korea without China deciding to curb its financial activities with the secretive state.

According to UN data, China accounts for about 85 per cent of Pyongyang's imports, providing a key lifeline for the North Korean economy.
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Donald Trump previously tweeted: “Trade between China and North Korea grew almost 40 per cent in the first quarter. So much for China working with us - but we had to give it a try!”

Mr Ruggiero added: “Certainly billions of dollars are coming from China, but there's nothing wrong with concentrating on millions when it comes to Southeast Asia.”
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