WASHINGTON, D.C.: The US Treasury Department said it is looking at “every tool in its arsenal” to cut off sources of international financing for illegal activities in North Korea.
“We don’t comment on future sanctions, but we are obviously going to consider every tool in our arsenal to combat any illicit activity and terror financing,” a senior Treasury Department official said on Saturday.
The official spoke before North Korea fired a ballistic missile in an apparent bid to test US resolve and the South’s new president.
“We are entertaining all the tools in our arsenal,” said the official, which include programs originating from the offices of Terrorism and Financial Intelligence and Foreign Assets Control.
After Sunday’s missile test President Donald Trump called on “all nations” to impose “far stronger sanctions against North Korea.”
US Treasury Secretary Steven Mnuchin, speaking earlier Saturday, said the fight against terrorism financing was a major concern at the G7 gathering of finance chiefs in Bari, Italy.
While international trade is important, “the biggest focus is working with our partners on terror financing,” Mnuchin told reporters returning to Washington from the Bari event.
After meetings with German Finance Minister Wolfgang Schaeuble and Japanese Deputy Prime Minister Taro Aso, Mnuchin “underscored the importance of working together to address the threats posed by North Korea,” the Treasury Department said.