August 03, 2010 08:35
The U.S. State Department's coordinator for Iran and North Korea sanctions on Monday reiterated that the U.S. will target North Korean companies and individuals involved in conventional arms deals, purchase of luxury goods, and other illicit activities.
In a press conference in Seoul, Robert Einhorn said the U.S. will draft a new executive order singling out the North as a target in a few weeks before beginning sanctions.
A South Korean government official said existing UN resolutions and a previous U.S. executive order already permit such sanctions, but singling out the North specifically lends extra weight to the sanctions.
Einhorn said Pyongyang earned hundreds of millions of dollars through "illicit and deceptive activities" to support its nuclear program or purchase luxury goods in violation of UN Security Council resolutions.
"Our new measures will allow us to designate entities and individuals involved in these activities and to block any property or assets they posses that are under the control of a U.S. person or bank," he said. "But by publicly naming these entities, these measures can have the broader effect of isolating them from the international community."
At the same time, Einhorn said the U.S. will make inform third countries of illegal activities involving the North and explain the need to join sanctions.
Daniel Glaser, a deputy assistant secretary of the Treasury who accompanied Einhorn, said no matter what legal authority they have, any measures taken by the U.S. will affect the international community, and that international financial institutions will take appropriate action based on the information the U.S. provides.
Einhorn went on to say that the U.S. will also urge the international community to step up implementation of the UN resolutions adopted after the North conducted its two nuclear tests. He said as a permanent member of the UNSC, China has a responsibility to let North Korea know that it must pay the price for attacking the South Korean Navy corvette Cheonan in March.
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