Financial Sanctions on North Korea: Prospects and Challenges in the Age of the Tax Havens

Photo: The Atlantic On June 1st, the United States Treasury Department proposed new legislation, in conjunction with the North Korea Sanctions and Policy Act, to further estrange North Korea from the international financial system. [1] Specifically, these new measures include a “prohibition on certain U.S. financial institutions opening or maintaining correspondent accounts, which are established to receive deposits from or make payments on behalf of a foreign institution, with North Korean financial institutions. [and] also [a] prohibit[ion] on the use of third parties' U.S. correspondent accounts to process transactions for North Korean financial institutions.” [2] In addition to bolsteri

Does the Birth of the Jangmadang Generation Foreshadow the End of the North Korean Regime?

Recently, most North Korean human rights organizations have paid a great deal of attention to North Korean young people commonly known as the “Jangmadang generation”[i] born in the late 1980s, just before the collapse of North Korean planned economy system. Several North Korean activists argue that ‘Jangmadang generation’ has grown up in a society with relatively free access to foreign information and to South Korean multimedia, thus they might be a force to shake the North Korean regime[ii]. Certainly, the black markets in North Korea have been evolving and young people in their twenties and thirties were less brain-washed by the government compared to their parents. However, does the evolu

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