washington unite state wednesday declare north korea primary money launder concern move block ability use u.s. world financial systems fund weapons program u.s. treasury department call prohibition certain u.s. financial institutions open maintain correspondent account establish receive deposit make payments behalf foreign institution north korean financial institutions crucially treasury also prohibit use third party u.s. correspondent account process transactions north korean financial institutions announcement come days late fail missile launch isolate state tensions region high since january north korea conduct fourth nuclear test follow satellite launch test launch various missiles defiance un resolutions efforts fuel call washington abroad clampdown pyongyang u.s. law already generally prohibit u.s. financial institutions engage transactions north korean institutions treasury late action would impose additional control especially prohibition use third-country bank u.s. account process transactions north korea meaningful say victor cha korea chair center strategic international study washington designate entire country mean essentially entity interest interact u.s. financial institutions long business north korea entities face choice access u.s. financial system business north korea go make obvious choice cha add south korea foreign ministry thursday welcome move say statement would boost effectiveness exist sanction north broad impact 2005 u.s. treasury measure target bank chinese territory macau china north korea important backer despite beijing anger pyongyang nuclear program support u.n. sanction express concern consistently oppose county use domestic law impose unilateral sanction another country foreign ministry spokeswoman hua chunying tell reporters 24 million north korean fund freeze macau banco delta asia bda u.s. treasury accuse help channel earn north illicit activities lead frantic attempt pyongyang retrieve money north since develop tactics skirt financial restrictions resort informal mean transfer money include use bulk cash hand-carried officials adam szubin act secretary terrorism financial intelligence say washington expect governments financial authorities make similar move prevent pyongyang abuse global financial institutions support development weapons mass destruction ballistic missiles regime notoriously deceitful financial transactions order continue illicit weapons program destabilize activities szubin say statement treasury require assess north korea status money launder jurisdiction north korea sanction policy enhancement act pass nearly unanimously u.s. congress february u.n. security council resolution early march also require member state sever correspondent bank relationships north korean financial institutions within 90 days u.s. take step block north korea 's access financial system