US announced new sanctions against North Korea

The U.S. President Barack Obama has signed an executive order that added one North Korean citizen and three firms to the list of frozen US assets, in addition to three citizens and five state entities under the existing sanctions.

Current financial sanctions against the North Korea cover trade of conventional arms or luxury products, counterfeit currency or engagement in money laundering, drug smuggling or other “illicit” activities that support the North Korean government or its leaders. 

According to Stuart Levey, the Treasury under-secretary for terrorism and financial intelligence, the new order would help go after businesses “that enrich the highest echelons of the North Korean government while the North Korean people suffer”. He said that “the destructive course the North Korean government is charting is facilitated by a lifeline of cash generated through a range of illicit activities” that the US is determined to counter.

The names of the North Korean citizens and entities sanctioned were posted on the Treasury website.

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