US Senate Approves North Korea Banking Sanctions

The Senate Banking Committee unanimously approved new financial sanctions targeting North Korea and the businesses who help finance Kim Jong-un's government.

"The time has come for the US to take the lead to ensure that all nations work together to isolate the Kim regime until it has no choice but to change its dangerous, belligerent behavior," said Banking Committee Chairman Mike Crapo (R-Idaho) in a statement after the vote. The bill targets the network of front companies, bank accounts, and private businesses the North Korean government uses to fund its military and operations.

"We are sending a clear message to banks around the world – you can do business with North Korea, or with the US, but not both," said Sen. Sherrod Brown. The bill also requires Congress to review the effectiveness of the sanctions, and allows states and localities to divest from certain firms and industries linked to North Korea.


[Source:  The Hill]

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