Hard currency should be cut off to North Korea

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North Korea

Tue, May 22, 2018 | 01:35

Hard currency should be cut off to North Korea

Posted : 2017-11-06 18:20

Updated : 2017-11-06 21:39

This is the fourth in a series of interviews with international experts to seek ways toward a peaceful resolution for North Korean nuclear crisis on the occasion of the 67th anniversary of The Korea Times, which falls on Nov. 1. ― ED.

By Kim Jae-kyoung

Sean King

The best way to force North Korea to change is to cut off hard currency to the reclusive country, says Sean King, senior vice president of Park Strategies.

"Our most effective peaceful strategy is to starve Kim's regime of the hard currency it needs to acquire and maintain its weapons and keep itself afloat," King said in a recent interview.

"Peaceful regime change by all means should be the goal because regime change is the only way out of this (nuclear standoff)."

He stressed the importance of regional and international cooperation in order to block financial resources to North Korean leader Kim Jong-un.

The first thing to do in his view is strengthen monitoring of North Korean diplomats' activities.

"Cracking down on Pyongyang's diplomatic corps is key, as its embassies function as an overseas office network for the multinational criminal enterprise that North Korea is," he said.

At the same time, he urged the U.S. and its allies to pursue secondary sanctions.

"We should further immediately implement in full the secondary sanctions that U.S. President Trump announced with much fanfare at the United Nations General Assembly in September," he said.

He explained that while there have been sanctions against a small bank and some individuals, they haven't gone after the major mainland Chinese entities and banks that keep North Korea in business.

The New York-based political and East Asia specialist said it is important to let all the sanctions take hold before rushing to say they haven't worked.

"Fact is, Kim Jong-un won't, or can't, give up his nukes. Otherwise, he's but a poor man's South Korea without the means to compel America into negotiations and direct talks around the South," he said.

He pointed to the fact that Kim's own stated goal is to separate South Korea from the U.S., thereby exposing the South to some forced confederation or a second North Korean invasion.

"This is why Kim's nukes are in fact, ultimately offensive in nature," he said.

S. Korea should take lead

Against this backdrop, the former U.S. official believes any attempts for talks should be delayed until Pyongyang stops its provocative actions.

"Now is not the time to talk to North Korea. Rather, it's time to fully enforce the recent United Nations sanctions and to push for new ones. For example, a full oil embargo," he said.

He does not advise talks between Washington and Pyongyang even if North Korea wants them. He thinks South Korea should take the lead in any talks with the North.

"For that matter, we must always rebuff and resist Pyongyang's constant efforts to marginalize and delegitimize Seoul," he said.

The expert on North Korea said America has to stay the course, in concert with our allies, as they are only scratching the surface of what real sanctions can do.

"For example, in lieu of a formal United Nations oil embargo, why not at least, deny U.S. correspondent bank access to any mainland Chinese oil company supplying North Korea?" he said. "That would get Beijing's attention more than any presidential tweet might."

King praised Mexico, Kuwait, the European Union and many others for expelling North Korean diplomats recently and curtailing business with Pyongyang.

"Moves like denying landing rights to North Korean carrier Air Koryo, rescinding orders for monuments and statues built by Pyongyang's Mansudae Overseas Project Group of Companies and sending home North Korean slave laborers send powerful signals of worldwide revulsion at North Korea's actions and deny Kim Jong-un's regime valuable hard currency," he said.

In particular, he called on major ASEAN nations to curb exchanges with North Korea because the North's diplomats and agents are carrying out illegal activities in the region to evade sanctions and earn hard currency.

Citing the murder of Kim Jong-nam, half-brother of Kim Jong-un, at Kuala Lumpur International Airport, he said Pyongyang's rampant cross-border criminality poses a threat to Southeast Asia.

"I'm happy to see Malaysia's halted all North Korean imports and banned its citizens from visiting North Korea while the Philippines say it's cut off all trade with Pyongyang," he said.

"Let's now hope other ASEAN powers like Singapore and Indonesia follow suit. All ASEAN countries should without further delay cease all trade with North Korea and expel all North Korean diplomats."

ASEAN refers to the Association of Southeast Asian Nations, consisting of 10 members — Brunei, Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Laos, Thailand and Vietnam.

kjk@ktimes.com