With eye on China, Trump may up pressure on North Korea

With eye on China, Trump may up pressure on North Korea

Treasury Secretary Steven Mnuchin said this this is a "very significant" action as it cuts off "millions of dollars" from North Korean leadership.

Trump said earlier this month that China's efforts to contain North Korea had been unsuccessful.

Top Trump administration officials on Wednesday warned publicly and privately that the U.S.is nearing an inflection point in its efforts to pressure North Korea into abandoning its bellicose behavior, suggesting that Trump might seek to crank up diplomatic and economic pressure on China - which accounts for almost 90% of North Korea's foreign trade.

Treasurys Financial Crimes Enforcement Network (FinCEN) announced a finding that Bank of Dandong, a Chinese bank that acts as a conduit for illicit North Korean financial activity, is a foreign bank of primary money laundering concern.

For months, former USA officials and experts warned that President Donald Trump's plan to rely on China to pressure North Korea into giving up its nuclear weapons was futile.

The United States slapped unprecedented sanctions Thursday on a Chinese bank accused of laundering North Korean cash after Donald Trump said Beijing's efforts to put the brakes on Pyongyang's nuclear drive had failed.

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Rocky Mountain Insurance Information Association is an industry group that covers Colorado, Wyoming, Utah and New Mexico. Previous studies, even one from the federal government, have been unable to find anything conclusive.

The U.S. also slapped sanctions Thursday on a Chinese shipping company and two Chinese people that it said have facilitated illegal activities by North Korea. This action freezes the entire bank out of the USA financial system.

While I greatly appreciate the efforts of President Xi & China to help with North Korea, it has not worked out. At least I know China tried!' Trump tweeted on June 20. Anxieties about North Korea's nuclear capabilities have escalated amid recent missile tests.

Another Chinese citizen, Li Hong Ri, is being sanctioned for cooperating with a Beijing-based official who had already been sanctioned for procuring items and conducting financial transactions on North Korea's behalf.

"This is an effort by the Trump administration to get China to apply more pressure", Bonnie Glaser, the director of the China Power Project at the Center for Strategic and International Studies, told me.

Speaking alongside Moon in Congress, House Speaker Paul Ryan told reporters that the US and South Korea "shared concerns" about North Korea.

Mnuchin said the decison will require United States banks to ensure that the Bank of Dandong does not access the USA financial system directly or indirectly through other foreign banks. But he could also choose to act like he's willing to become a strict enforcer but not follow through on it, something China does with banned goods going into North Korea all the time.

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