U.S. Treasury Department announces new sanctions to increase pressure on North Korea

  |   World News

The U.S. Department of the Treasury announced a new set of actions Thursday aimed at increasing pressure on North Korea, including cutting off a Chinese bank that is accused of laundering money and providing financing to North Korea in violation of international sanctions.

"This bank has served as a gateway to North Korean access to the U.S. and international financial systems that has facilitated millions of dollars in transactions for North Korea's nuclear and ballistic missile programs," Treasury Secretary Steven T. Mnuchin said at the daily White House briefing Thursday.

Mnuchin made clear that the United States is "in no way targeting China with these actions" and that U.S. officials "look forward to continuing to work closely with the government of China to stop the illicit financing in North Korea." In a statement, the Treasury Department accused the China-based Bank of Dandong of "facilitating millions of dollars of transactions for companies involved in North Korea's [weapons of mass destruction] and ballistic missile programs."

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