The Treasury Department said it’s taking new steps to increase economic pressure on North Korea. Treasury’s Financial Crimes Enforcement Network announced a finding that Bank of Dandong, a Chinese bank that allegedly acts as a conduit for illicit North Korean financial activity, is a foreign bank of primary money laundering concern, and FinCEN has proposed to sever the bank from the U.S. financial system. In addition, Treasury’s Office of Foreign Assets Control designated two Chinese individuals and one Chinese company in response to North Korea’s ongoing WMD development and continued violations of UN Security Council resolutions. The step comes ahead of President Trump’s visit with South Korean President Moon Jae-in.
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