Published: Wed, September 13, 2017
Money | By Armando Alvarado

China's big banks halt services for North Koreans

China's big banks halt services for North Koreans

Assistant Treasury Secretary Marshall Billingslea displayed slides showing ships he said picked up coal and other commodities in North Korea, illegally turning off their electronic identification systems to hide the fact that they were carrying cargo to China and Russian Federation. "We are the weakest country here now, and I think we also need to let neighbouring and related countries know that we should be in charge of the North Korean issues".

"There's definitely a threat that was not there a year ago", Dr. Mariano Bertucci, a professor in the political science department, said.

It was the ninth sanctions resolution unanimously adopted by the council since 2006 over North Korea's ballistic missile and nuclear programs.

North Korea responded to the first bill by saying in a statement on state media that their actions in response to the resolution will "cause the USA the greatest pain and suffering it had ever gone through in its entire history". "We are determined to induce the Chinese to help solve this problem", Billingslea said.

In June, the USA designated the Bank of Dandong, a regional Chinese bank, as a "primary money laundering concern" over its alleged help to North Korea in accessing the US and worldwide financial systems.

President Donald Trump is calling new United Nations sanctions on North Korea "just another very small step".

The committee chair went on to say the U.S. could give Chinese banks and companies "a choice between doing business with North Korea or the United States". It stopped short of imposing a full embargo on oil exports to North Korea, most of which come from China.

But Joseph DeThomas, a former State Department official who worked on Iran and North Korea sanctions, questioned whether the new steps would have a major impact. And then just a few days later, the USA reached a compromise with China and Russian Federation and caved on its goal of cutting off the North's supply of crude oil.

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What is more surprising, perhaps, is that more South Koreans even said that humanitarian aid should be cut if the North does not give up its nuclear programme.

Liu again urged the council to adopt the freeze-for-freeze proposal and said talks with North Korea are needed "sooner rather than later".

Frustrated US lawmakers called at a House hearing on Tuesday for a "supercharged" response to North Korea and said Washington should act alone if necessary to stiffen sanctions on Chinese firms and any country doing business with Pyongyang.

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The UN resolution also barred countries from issuing new authorisations to North Korean workers sent overseas. What the UN's sanctions resolution has made crystal clear is the limits of putting pressure on North Korea.

McNamara therefore offers a scenario in which "If actors compromise an exchange itself (as opposed to an individual account or wallet) they potentially can move cryptocurrencies out of online wallets, swapping them for other, more anonymous cryptocurrencies or send them directly to other wallets on different exchanges to withdraw them in fiat currencies".

Also Tuesday, Treasury Secretary Steven Mnuchin warned that he would pursue sanctions against China if it does not adhere to the Security Council resolution.

"Our military, together with our allies, remains prepared to respond immediately and resolutely to any attack or threat of attack", Thornton said. To its credit, however, the resolution does prevent North Korea from obtaining substitutes for refined petroleum products by banning the supply to North Korea of all natural gas and condensates.

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