ISSN 2330-717X

Trump Signs Executive Order Aimed At Cutting Off Funding For North Korea

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US President Donald Trump on Thursday issued a new Executive Order imposing additional sanctions with respect to North Korea.

According to the White House, the new Executive Order is a result of the “provocative, destabilizing, and repressive actions and policies of the Government of North Korea constitute a continuing threat to the national security, foreign policy, and, economy of the United States and a disturbance of the international relations of the United States.”

In a letter to the President to the Speaker of the House of Representatives and the President of the Senate, Trump said that he has “now found that the provocative, destabilizing, and repressive actions and policies of the Government of North Korea, including its intercontinental ballistic missile launches of July 3 and July 28, 2017, and its nuclear test of September 2, 2017, which violated its obligations pursuant to numerous UNSCRs and contravened its commitments under the September 19, 2005, Joint Statement of the Six-Party Talks; its commission of serious human rights abuses; and its use of funds generated through international trade to support its nuclear and missile programs and weapons proliferation, constitute a continuing threat to the national security, foreign policy, and economy of the United States and a disturbance of the international relations of the United States.”

The Executive Order targets all means used by North Korea to earn, access, and transfer funds that North Korea uses to further its WMD programs.

“We must maximize pressure on North Korea to demonstrate to its leadership that the best and only path is to return to denuclearization,” the White House said.

Specifically, the new Executive Order targets individuals and entities that engage in trade with North Korea, as well as the financial institutions that facilitate this trade.

The Executive Order directly targets North Korea’s shipping and trade networks and issues a 180-day ban on vessels and aircraft that have visited North Korea from visiting the United States. This ban also targets vessels that have engaged in a ship-to-ship transfer with a vessel that has visited North Korea within 180 days. North Korea is dependent on its shipping networks to facilitate international trade.

The Executive Order also authorizes the Secretary of the Treasury, in consultation with the Secretary of State, to impose sanctions on persons involved in:

  • Industries: The construction, energy, financial services, fishing, information technology, manufacturing, medical, mining, textiles, or transportation industries in North Korea;
  • Ports: Ownership, control, or operation of any port in North Korea, including any seaport, airport, or land port of entry;
  • Imports/Exports: at least one significant importation from or exportation to North Korea of any goods, services, or technology.

Additionally, the Executive Order provides the authority to impose sanctions on any foreign financial institution that knowingly conducts or facilitates any significant transaction on behalf of certain designated individuals and entities, or any significant transaction in connection with trade with North Korea, on or after the date of the Executive Order.

Under this new authority, the sanctions measures can be either restrictions on correspondent or payable-through accounts or blocking sanctions.


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