US Senate panel unanimously approves tougher banking sanctions against North Korea

The Senate Banking Committee on Tuesday unanimously approved strengthened sanctions against North Korea over its intercontinental ballistic missile programme, targeting financial institutions outside the US that assist the regime.

The bipartisan legislation is “designed to exert maximum economic pressure” on North Korea and the financial institutions that assist the regime, said Senator Pat Toomey, a Pennsylvania Republican and a co-sponsor.

“The bill sends a clear message to the world that the entire US government is committed to the strongest possible sanctions against North Korea,” Toomey said.

North Korea’s aggressive rhetoric and its increasing number of missile tests, in defiance of United Nations resolutions, are vexing the international community. US President Donald Trump, has threatened to deal with the regime “very strongly,” saying all options, including military ones, are on the table.

The president, who is in South Korea as part of a 12-day trip to Asia, softened his tone somewhat while in Seoul Tuesday, suggesting the confrontation could be resolved through negotiations.

“It makes sense for North Korea to come to the table and to make a deal that’s good for the people of North Korea and the people of the world,” Trump said at a briefing alongside South Korean President Moon Jae-in. “I do see certain movement, yes, but let’s see what happens.”