Press Releases

Remarks by Treasury Secretary Steven T. Mnuchin on Actions Against the Government of North Korea

(Archived Content)

As Prepared for Delivery at The White House Press Briefing
Today the Trump Administration is continuing its efforts against the Government of North Korea.  Despite multiple UN Security Council resolutions imposing international sanctions, the Government of North Korea continues its nuclear and ballistic missile programs.
Treasury’s Financial Crimes Enforcement Network has found the Bank of Dandong to be a foreign financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act.  This bank has served as a gateway for North Korea to access the U.S. and international financial systems – facilitating millions of dollars of transactions for companies involved in North Korea’s nuclear and ballistic missile programs.  The United States will not stand for such actions.
This proposed rule will require U.S. banks to ensure that the Bank of Dandong does not access the U.S. financial system directly or indirectly through other foreign banks.  This action reaffirms the Treasury Department’s commitment to ensure that North Korea is cut off from the U.S. financial system.
In addition, the Department of the Treasury’s Office of Foreign Assets Control has sanctioned two individuals and one entity for their continued support of North Korea’s activities. 
While today’s actions are directed at Chinese individuals and entities, we look forward to continuing to work closely with the Government of China to stop illicit financing involving North Korea.  We are in no way targeting China with these actions.  We will be meeting with China and other countries at the G-20 next week to further our efforts to cut off North Korea’s illicit activities.
North Korea’s provocative, destabilizing, and inhumane behavior will not be tolerated.  We are committed to targeting North Korea’s external enablers and maximizing economic pressure on the regime until it ceases its nuclear and ballistic missile programs.