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Donald Trump looking to choke North Korea's financial supply

News Agencies | Updated on: 7 July 2017, 9:23 IST
Donald Trump looking to choke North Korea's financial supply

Days after North Korea announced that it had launched a missile capable of striking the United States, the U.S. government is attempting to seize millions of dollars tied to Pyongyang from eight major banks.

The eight major banks include Bank of America Corp., Bank of New York Mellon Corp., Citigroup Inc., Deutsche Bank AG, HSBC Holdings Plc, JPMorgan Chase & Co., Standard Chartered Plc and Wells Fargo & Co., reports the Hill.

As per the multiple news outlets, the Justice Department has accused the banks of processing more than $700 million in "prohibited" transactions since 2009.

On Tuesday, North Korea claimed it had successfully launched its first intercontinental ballistic missile which is capable of carrying a "large, heavy nuclear warhead" and is able to strike the US mainland.

US President Donald Trump had called on all nations to confront the 'global threat' of North Korea and pledged that Pyongyang will face repercussions over its recent ballistic missile launch.

President Trump said all nations must publicly demonstrate that there are consequences for North Korea's 'very very bad behaviour.'

"It's a shame they're behaving this way -- they're behaving in a very, very dangerous manner and something will have to be done about it," Trump said while addressing a news conference on Thursday with Polish President Andrzej Duda.

When asked about imminent military action against Pyongyang, Trump said, "As far as North Korea is concerned, I don't know. We will see what happens. I have some pretty severe things that we are thinking about. That doesn't mean we are going to do it. I don't draw red lines."


First published: 7 July 2017, 9:23 IST