Tags: US NKorea Banks

US to Name and Shame Businesses with NKorea Ties

Tuesday, 03 August 2010 12:21 PM

SEOUL—U.S. officials in charge of new sanctions against North Korea on Monday said they will name and shame banks and businesses in other countries that help Pyongyang with illegal activities, the Wall Street Journal reports.

In the two weeks since U.S. Secretary of State Hillary Clinton announced the new penalties, few details have been announced and speculation, particularly in South Korea, has run wild about precisely what the U.S. is doing.

In recent days, media reports cited anonymous South Korean diplomats who raised doubts that the U.S. would go as far as it did in 2005, when it publicly exposed a Macau bank with ties to Pyongyang, and warned that dealing with the bank risked skirting U.S. law. The publicity sent the bank's depositors running and caused other banks to stop doing business with it. North Korea protested for more than a year about not being able to access its money in the bank.

Washington is concerned about a global network of trading firms involved in proliferation-related activities and said the U.S. would urge other nations to pressure banks in their nations to freeze those companies' accounts.

Read the entire story at wsj.com

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US NKorea Banks
Tuesday, 03 August 2010 12:21 PM
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