Naharnet

N. Korea Slams U.S. for Money Launderer Label

North Korea hit back at the United States on Sunday for labeling it a money-laundering state, describing it as a "nonsensical" effort that only revealed the flaws of existing sanctions pushed by Washington.

The U.S. on Wednesday branded Pyongyang a "global money laundering concern", aiming to lock the impoverished by nuclear-armed country out of the world financial system.

The move would prevent both direct and indirect North Korean financial activities within the U.S. banking network, ensuring that any third-party deals involving significant sums of U.S. dollar or other currencies cannot transit the U.S.

But the North's National Coordination Committee for Anti-Money Laundering and Countering Financing of Terrorism slammed the U.S. action as "another illegal act of infringing upon the sovereignty and vital rights" of the country.

"The U.S. is loudly calling on the neighboring countries to increase pressure upon the DPRK... but the DPRK dismisses this as a nonsensical talk," it said in a statement carried by the state-run Korean Central News Agency (KCNA), using the country's official name of Democratic People's Republic of Korea.

It claimed Pyongyang had a "well-regulated" system to combat money laundering and was "not frightened in the least" by the latest label.

Washington's move comes after the U.N. Security Council slapped the harshest-ever sanctions on the North in March for its widely-condemned nuclear test and a long-range missile launch.

The North staged its fourth atomic test in January and a long-range rocket test a month later -- widely seen as a ballistic missile test, banned under existing U.N. resolutions.

Washington led the drive for new sanctions applied in March, which urged unprecedented inspections of all cargo to and from the North, and called for U.N. members to sever banking ties with Pyongyang.

The money laundering designation however was proof that the U.S. found it "hard to achieve its objective (to punish the North) through the unreasonable U.N.... sanctions," said KCNA statement.

"The U.S. is sadly mistaken if it calculates it can attain its sinister political goal through the action," it added.

The North has recently faced growing pressure from the international community, although questions remain on whether China -- its economic lifeline -- would join the push.

U.S. Treasury Secretary Jack Lew is set to urge China to crack down harder on the North during a planned visit to Beijing from Monday to Tuesday, according to senior U.S. officials.

Source: Agence France Presse


Copyright © 2012 Naharnet.com. All Rights Reserved. http://www.naharnet.com/stories/en/210880