`US to cut off NK`s money flow if missile test proceeds`

`US to cut off NK`s money flow if missile test proceeds`. December. 07, 2012 07:19. yhchoi65@donga.com.

The new chairman of the Foreign Affairs Committee of the U.S. House of Representatives said Monday that he will consult with the U.S. Treasury secretary to cut off North Korea’s money sources if Pyongyang launches a long-range missile.

In a phone interview with The Dong-A Ilbo, Ed Royce (Rep.-California) said that if North Korea continues its illegal activity of exporting weapons and test-firing long-range missiles, its funding sources should be severed. With the Treasury Department effectively stopping money from flowing into North Korea by freezing Pyongyang’s accounts at Banco Delta Asia in Macau in 2005 and 2006, he added, the U.S. Congress will seek to enact such sanctions.

To be sworn in as chairman of the Foreign Affairs Committee on Jan. 3 next year to succeed Rep. Ileana Ros-Lehtinen (Rep.-Florida), Royce said, “Now is time to put pressure on the North Korean regime.” He also pledged to continue paying attention to the North`s dire human rights situation and pressure on China to help improve things.

The following is excerpts from the Dong-A interview.

Dong-A: As chairman of the House Foreign Affairs Committee, how did you set the direction of your North Korea policy?

Royce: I plan to focus on North Korea’s horrible human rights situation and its illegal nuclear program. We are still witnessing North Korean aircraft and vessels carrying illegal weapons from North Korea to Syria and Burma (Myanmar). Pyongyang is also preparing for a missile launch. This is a sign that the Kim Jong Un regime is not changing.

Dong-A: What action would the committee take if the North launches a missile?

Royce: North Korea is spending hundreds of millions of dollars to launch a long-range missile even though the North Korean people are being starved to death. I have urged President Barack Obama to use power, creativity and focus in his North Korean policy. Banco Delta Asia sanctions dealt a strong blow to North Korea. Pyongyang is still in desperate need of dollars. We have to put pressure on the North by squeezing its sources of money now. The task requires energy and creativity. Congress will consult with the Treasury Department to block North Korea’s funding sources.

Dong-A: What would you do if the second-term Obama administration seeks engagement with North Korea?

Royce: We should always leave the door of dialogue open. We can discuss with the North its illegal activities regarding nuclear proliferation and listen to its complaints. However, I never agree to negotiations for giving carrots while getting nothing in return.

Dong-A: Why have you been strongly criticizing the "sunshine policy (of engaging North Korea used by former South Korean Presidents Kim Dae-jung and Roh Moo-hyun)?"

Royce: The sunshine policy has never given any sunshine to North Korea. It only gave billions of dollars to the brutal and dangerous North Korean regime for 10 years. Pyongyang did not give up its nuclear program. The policy also did not consider the dire situation of the nearly 200,000 political prisoners in the North.