The United States will identify and impose sanctions on financial institutions doing business with North Korea so as to cut the communist nation off from the international financial system, a senior U.S. sanctions official said Tuesday.
Assistant Treasury Secretary for Terrorist Financing Daniel Glaser made the remark during a House committee briefing, saying the 2005 sanctions on the Banco Delta Asia (BDA), a bank in Macau, were so successful because it “created a chilling effect” throughout the international financial system.
“You said the goal is identify financial institutions outside of North Korea that provide these points of access (to the international financial system). That’s exactly what we’re trying to do,” Glaser said in response to a question from Rep. Ed Royce (R-CA), chairman of the House Foreign Affairs Committee.
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