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US's Crackdown on North Korea's Illegal Activities Intensifies

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공표년도

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2006-02-15

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Now the U.S. crackdown on banks‚ thought to have helped North Korea's alleged financial misdeeds‚ plus the threat of possible economic sanctions‚ are reportedly dealing a major blow to the North's economy.
Much of Pyeongyang's international trade has reportedly ground to a halt.
Kim Hyung-eun has more.
A hit on a "major artery" is how one U.S. official puts it.
An intensifying U.S. financial crackdown‚ on North Korea's alleged illegal activities‚ has dealt a significant blow to its economy.
According to the Wall Street Journal‚ North Korean banks and trading companies are having difficulties finding lenders‚ leading to a decline in consumer goods imports.
In September‚ the U.S. Treasury Department accused a Macau-based bank for helping North Korea launder money and place into circulation counterfeit U.S. dollars‚ and declared that it could face punishments .
The bank has denied the charges‚ but the Macau government shut down all North Korea-related accounts.
One businessman in China told the daily‚ cross-border trade with North Korea has been declining since the U.S. intensified its financial crackdown.
He said he was holding on to a large consignment of chemicals because his North Korean buyer has been unable to pay for them.
An executive at a Pyeongyang-based commercial bank echoed similar sentiments‚ saying the shock is much larger than most people realize.
Following the U.S.-led crackdown on the Macau-based bank‚ other lenders have cut ties with Pyeongyang‚ fearing that they‚ too‚ could face U.S. legal action.
Kim Hyung-eun‚ Arirang News. Reporter :

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