US Treasury sanctions banks, representatives linked to DPRK

The US Department of Treasury on Tuesday issued sanctions on eight banks and 26 individuals linked to the Democratic People's Republic of Korea (DPRK) financial networks in response to the country's ongoing development of weapons of mass destruction.

The individuals sanctioned are DPRK nationals operating in some foreign countries who act as representatives of DPRK banks, said a statement issued by the Treasury Department.

"We are targeting North Korean (DPRK) banks and financial facilitators acting as representatives for North Korean (DPRK) banks across the globe," said US Treasury Secretary Steven Mnuchin.

"This further advances our strategy to fully isolate North Korea (DPRK) in order to achieve our broader objectives of a peaceful and denuclearized Korean peninsula. This action is also consistent with UN Security Council Resolutions," Mnuchin added.

The Treasury Department said Tuesday's sanctions are being taken to complement the UN Security Council resolution adopted on September 11. The resolution imposed fresh sanctions on the DPRK over its nuclear test on September 3, targeting oil imports and textile exports.

(ASIA PACIFIC DAILY)