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Treasury in ‘hand-to-hand financial combat’ with North Korea

Joe Mont | September 12, 2017

An overview of current efforts and near-future sanctions opportunities to counter the “urgent threat posed by North Korea” through ballistic missile testing and increasingly jingoistic rhetoric by North Korea was presented on Sept. 12 by Assistant Treasury Secretary Marshall Billingslea.

He told the House Foreign Affairs Committee that the Treasury and State departments are “engaged in a full court press on Kim Jong-Un’s revenue generation networks.”

Under the leadership of Secretary Mnuchin and Under Secretary Mandelker, Treasury has developed and is actively implementing a campaign “designed to impose maximum pressure on North Korea’s finances and economy,” Billingslea said.    

This year alone, North Korea has conducted sixteen missile tests, including two intercontinental ballistic missile (ICBM) tests. On Aug. 28, North Korea launched a missile directly over Japan, a violation of United Nations Security Council resolutions. North Korea’s latest test of a... To get the full story, subscribe now.