South Korea Welcomes US Financial Restrictions Against North Korea

The South Korean government has welcomed moves by the United States to impose financial restrictions against North Korea over money laundering allegations, the South Korean Foreign Ministry said Thursday.

TOKYO (Sputnik) — On Wednesday, The US Department of the Treasury issued a recommendation to ban the use of correspondent accounts for carrying out financial transactions with North Korean financial establishments, alleging that the country does not tackle money laundering taking place in its jurisdiction.

The South Korean government appreciates the move by the United States, the Foreign Ministry said, stressing that this reflects the US government's adherence to UN Security Council resolution 2270 and the sanctions it stipulates with the aim of denuclearizing the Korean peninsula.

UN Security Council resolution 2270 was adopted in March in response to North Korea's nuclear weapon test carried out in January. The North Korean authorities use the country’s financial institutions to support the proliferation of ballistic missiles and weapons of mass destruction, and disregard anti-money laundering activities, according to the US Treasury.

The South Korean government will continue to strengthen sanctions against its northern neighbor in order to bring about genuine denuclearization, the Foreign Ministry said.

Tensions over North Korea's nuclear and ballistic missile programs escalated after Pyongyang said on January 6 that it had successfully carried out a hydrogen bomb test and put a satellite into orbit on February 7, violating UN Security Council resolutions and triggering condemnation from the international community in both cases.