President Obama - more sanctions on North Korea

Updated On: Aug 31, 2010

US President Barack Obama has added new sanctions on North Korea aimed at cutting off the regimes arms trade and illicit business. The sanctions target Office 39 - a secretive branch of the North Korean government that manages slush funds and raises money for the leadership, including trafficking drugs.

"The order gives the US government new authority to go after the arms sales and goods procurement, money laundering, counterfeiting of currency and other illicit financial activities that enrich the highest echelons of the North Korean government while the North Korean people suffer," Under Secretary for Terrorism and FInancial Intelligence, Stuart Levey, said after Obama issues an executive order.

"The destructive course that North Korean government is charting is facilitated by a lifeline of cash generated through a range of illicit activities. North Korea's government helps maintain its authority by placating privileged elites with money and perks, such as luxury goods like jewelry, luxury cars and yachts," he added.

Barack Obama slaps more sanctions on North Korea [ TOI, 31 August 2010]

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