US to impose it’s own financial sanctions on defiant North Korea

June 5, 2009

(ChattahBox) — The United States has reportedly informed South Korea it will impose its own financial sanctions on the North in the wake of illicit weapons trade, counterfeit activities and the recent nuclear test last week, apart from punishments that the U.N. may invoke. Proposals for a new U.N. resolution have been discussed for over a week by the five veto-wielding Security Council nations, the United States, China, Russia, Britain and France — and the two countries most affected by the test, South Korea and Japan.  And action is expected possibly by next week. However with growing speculation that North Korea is preparing to launch another new medium or long-range missile, the renegade country has remained defiant. Satellite images showed yesterday that North Korea’s new missile launch site on its western coastal area has been readied for use.  New reports speculate North Korea may launch a long-range missile capable of reaching Alaska as early as mid-June.

With financial sanctions already in place North Korea is believed to still be producing high-quality fake U.S. dollar bills, known as “supernotes.” The U.S. sanctions call for blacklisting foreign financial institutions that help the North launder money. The Bush administration imposed similar financial sanctions on the North in 2005, over counterfeiting and drug-running.

Adding more tension to this drama, two American female journalists were believed to be on trial in North Korea’s top court on allegations they entered the country illegally and engaged in “hostile acts.” Analysts say the pair, who were working for the Current TV network co-founded by former U.S. Vice President Al Gore, have become bargaining chips in high-stakes negotiations with the United States. The North’s official news agency said the proceedings were to begin Thursday but no further details have emerged.


Comments

2 Responses to “US to impose it’s own financial sanctions on defiant North Korea”

  1. Old Man Dotes on June 5th, 2009 1:19 pm

    Screw negotiations. Inform China (so they don’t panic) that we’re sending in a division of US Marines to free the political prisoners if they aren’t released in 3 days. Then do it.

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