Politics

U.S. Executive Order Targets N.Korea

August 02, 2010 11:40

The United States is devising a new executive order targeting North Korea as part of the financial sanctions against the communist country.

Robert Einhorn, the U.S. special adviser for non-proliferation and arms control who arrived in Seoul on Sunday night, meets with South Korean government officials on Monday to explain the executive order, which will specify companies and individuals involved in trading of weapons, luxury goods, forged currency, and drugs that are effectively lifeline of the North Korean leadership.

A South Korean official on Sunday said, "While North Korea was only one of many targets of the existing executive order, the new one will exclusively target North Korea." Executive order No.13382, which designated 23 North Korean bodies and individuals, also includes companies and individuals of any nationality involved in proliferation of weapons of mass destruction.

The new executive order freezes the assets of the North Korean companies, organizations, and individuals involved in the weapons and luxury goods trade in the U.S. and bans U.S. financial institutions from dealing with them. However, as North Korea's trade and financial transactions with the U.S. are effectively non-existent and the North has no assets in the U.S., the new order can only be effective with the cooperation of banks and companies in third countries that do deal with North Korea.

A diplomatic source said the executive order is only a springboard for the U.S. to start lobbying other countries to come on board.

Einhorn is also to reinforce execution of UN resolutions Nos. 1718 and 1874 condemning North Korea over its nuclear tests. After meeting with South Korean Foreign Ministry officials on Monday morning, Einhorn is scheduled to hold a press conference in the afternoon.

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