July 19, 2017
Elizabeth Rosenberg before the House Financial Services Subcommittee on Monetary Policy and Trade
Restricting North Korea's Access to Finance
Chairman Barr, Ranking Member Moore, distinguished members of the committee, thank you for the opportunity to testify today on restricting North Korea’s access to financial services.
The United States has in place an array of sanctions and other restrictive financial measures on North Korea to expose and constrain its increasingly dangerous missile and nuclear proliferation activities. Since 2006, North Korea has conducted five nuclear tests including, most recently, two in January and September 2016. The country has also conducted a series of ballistic missile tests, including over 80 since Kim Jong Un’s rise to power in 2011. In response to this growing threat, since 2006 U.S. leaders have worked with international counterparts to bring into force an array of United Nations Security Council resolutions with sanctions on North Korea, responding to provocative and dangerous nuclear and missile tests by the rogue state, including three resolutions since 2016. U.S. leaders have also urged many like-minded nations to amplify the multilateral effort by imposing their own restrictive financial measures.
These various sanctions programs have focused primarily on North Korea’s proliferation activities and networks, both those in support of Pyongyang’s weapons capability and its activities to supply other countries with components and technology. In the more recent past, international sanctions have expanded to include broader restrictions on North Korea’s economy and trade to deny the country the ability to earn hard currency to support its dangerous proliferation activities. Policy leaders have also expanded their sanctions authorities to target North Korea’s human rights abuses and malicious cyber activity.
Watch Rosenberg's testimony on House Financial Service Committee's YouTube page.
The full testimony is available online.
More from CNAS
-
Economic Security in Asia Part 1: China's growing pains with Dan Rosen
Podcast
Dan Rosen, leading expert on China's economy and head of the Rhodium Group's China practice, joins Emily and Geoff to talk about the recently concluded third plenum meetings i...
By Emily Kilcrease & Geoffrey Gertz
-
What a Bunch of Malarkey!
Podcast
Emily and Geoff discuss the U.S. presidential election and what that might mean for economic security policy. They get into trade policy, what both candidates would do to comp...
By Emily Kilcrease & Geoffrey Gertz
-
How U.S.-China Competition Upended the International Economic Order and What the United States Can Do to Fix It
Podcast
On June 26, CNAS hosted an event to discuss a new report, Disorderly Conduct: How U.S.-China Competition Upended the International Economic Order and What the United States Ca...
By Emily Kilcrease, Geoffrey Gertz, Adam Tong & Peter Harrell
-
Sanctions by the Numbers: 2023 Year in Review
Reports
Executive Summary In 2023, the Biden administration continued to prioritize sanctions as a key tool to support U.S. national security and foreign policy objectives. The United...
By Rowan Scarpino & Jocelyn Trainer
