U.S. Curbs Financial Transactions of N.Korean Diplomats

  • By Kim Jin-myung

    December 22, 2016 09:29

    The U.S. has imposed curbs on all financial transactions by staff of the North Korean mission to the UN and their families.

    The aim is to strangle the flow of hard currency into the North Korean regime’s nuclear and missile programs.

    In an online notice Tuesday, the U.S. Treasury Department said American banks now need special permission from the Office of Foreign Assets Control before opening accounts or giving loans to North Korean diplomats at the UN and their families.

    They can only use these special accounts to remit or receive money.

    That will make it easier to monitor suspicious financial transactions and money laundering.

    In March, Washington froze all U.S. assets linked to the North Korean regime and Workers Party but exempted routine financial transactions for the operation of the North Korean mission and the daily lives of its staff and families.

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