Money Morneau issues order to banks on North Korea

09:50  13 january  2018
09:50  13 january  2018 Source:   msn.com

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Donald Trump has issued a new executive order that expands US sanctions on North Korea ’s shipping, banking , ports and manufacturing. Trump also claimed China’s banking system had shut down business with the country.

Morneau 's order is largely symbolic, said Garry Clement, a retired RCMP officer and current Not only does Canada have limited financial ties to North Korea , Clement said, but Canadian banks and other institutions have been closely scrutinizing any transactions with the Asian nation for years.

a man wearing a suit and tie© Provided by thecanadianpress.com OTTAWA - Canadian financial institutions have been ordered to treat what few transactions they conduct with North Korea with even greater diligence as the federal government tries to increase pressure on the nuclear-armed nation.

Finance Minister Bill Morneau quietly issued the directive last month following concerns that the North Korean government was skirting international sanctions through money-laundering and other illicit means.

Financial transactions between Canada and North Korea are already extremely limited because of those sanctions, which the federal government imposed in August 2011.

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The United States added eight North Korean banks and 26 individuals operating in four countries to its sanctions blacklist on Tuesday, part of an intensified effort to starve North Korea financially in response to the country’s nuclear weapons and missile testing.

Mr. Trump’s order in some ways went even beyond the sanctions that ultimately brought Iran to the bargaining table during Mr. Obama’s administration. It bars international banks from the American market if they facilitate transactions with North Korea

But financial institutions will now have to treat even those few that are allowed, which include remittances worth less than $1,000 and humanitarian aid, as potential cases of money-laundering and report them to the government.

The move comes as Canada prepares for a meeting with allies in Vancouver next week, where the main topic will be finding ways to further squeeze the North Korean government and get it to give up its nuclear program.

The discussions will put a heavy emphasis on stopping North Korean money-laundering as well as smuggling by sea, which U.S. officials have suggested could involve taking action against North Korean shipping.

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