G7 finance ministers to continue “maximum” economic pressure on Pyongyang

WASHINGTON, North Korea’s continued development of weapons of mass destruction (WMD) and ballistic missile programs “poses a grave threat to international peace and security,” the Group of 7 (G7) finance ministers affirmed Wednesday.

The G7 said in a joint statement “we remain committed to the complete, verifiable, and irreversible denuclearization of the Korean peninsula and dismantlement of North Korea’s WMD and ballistic missile programs, but North Korea must match its words with concrete actions.” The statement noted “to support this goal, we will continue to take action to impose maximum economic pressure on North Korea, in keeping with relevant United Nations Security Council Resolutions (UNSCRs).” The ministers voiced concern over North Korea’s “evasion of international sanctions and its continued ability to access the international financial system.” The ministers also called on “all countries to fully and effectively implement their UNSCR obligations with respect to North Korea.” “Financial institutions in G7 countries also play an important role in the fight against North Korea’s illicit global financial activity, and we will engage and share information with them, as appropriate, to expose North Korea’s deceptive financial practices and thereby protect the integrity of the international financial system,” the ministers affirmed.

“We call on countries to similarly engage their financial institutions so they will be on alert and take steps to implement necessary additional scrutiny to ensure that they are not processing transactions on behalf of sanctioned North Korean entities,” the statement stressed.

Source: Kuwait News Agency