U.S. slaps sanctions on 8 North Korean banks

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U.S. slaps sanctions on 8 North Korean banks – Sep. 26, 2017

Why North Korean sanctions have failed

The Trump administration escalated pressure on Kim Jong Un to disband his nuclear weapons program by imposing sanctions Tuesday on eight North Korean banks.

“We are targeting North Korean banks and financial facilitators acting as representatives for North Korean banks across the globe,” Treasury Secretary Steven Mnuchin said in a statement. “This further advances our strategy to fully isolate North Korea in order to achieve our broader objectives of a peaceful and denuclearized Korean peninsula.

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The banks include Agricultural Development Bank, Cheil Credit Bank and International Industrial Bank.

The administration also imposed sanctions on more than two dozen people linked to North Korea’s financial network. The Treasury Department said they are North Koreans operating in China, Russia, Libya and the United Arab Emirates and who act as representatives of North Korean banks.

CNNMoney (Washington) First published September 26, 2017: 1:44 PM ET

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