Press Briefing by Treasury Secretary Steven Mnuchin

U.S. Department of the Treasury

Today, the President strengthened — he signed an executive order that strengthened the U.S. government’s ability to cut off funding to the North Korean regime and its weapons development program. Despite multiple U.N. Security Council resolutions, North Korean dictator Kim Jong-un continues to threaten the world and his neighbors with provocative nuclear and missile tests.

For too long, North Korea has evaded sanctions and used the international financial system to facilitate funding for its weapons and mass destruction and ballistic missile programs. No bank, in any country, should be used to facilitate Kim Jong-un’s destructive behavior.

This new executive order will authorize Treasury to impose a range of sanctions, such as suspending U.S. correspondent account access to any foreign bank that knowingly conducts or facilitates significant transactions tied to trade with North Korea. These sanctions will be forward-looking and applied to behavior that occurs following today, when President Trump signed the executive order.

This new executive order enables Treasury to freeze assets of anyone conducting significant trade in goods, services, or technology with North Korea. It also allows us to freeze assets of actors supporting North Korea’s textile, fishing, IT, and manufacturing industries.

We call on all countries around the world to join us by cutting off all trade and financial ties with North Korea in order to achieve a denuclearized Korean Peninsula. As President Trump stated in his speech to the U.N. General Assembly, it is time for all nations to work together to isolate the Kim regime until it seizes its hostile behavior.