G-7 vows economic pressure on N. Korea

Jiji Press WASHINGTON (Jiji Press) — Finance ministers and central bank chiefs of the Group of Seven major countries affirmed their intentions on Thursday to thoroughly implement economic sanctions on North Korea, which continues nuclear and missile development.

The seven nations — Britain, Canada, France, Germany, Italy, Japan and the United States — made the confirmation at their informal talks held on the fringe of a two-day meeting of finance and central bank leaders of the Group of 20 advanced and emerging economies that started in Washington the same day.

Vice Finance Minister for International Affairs Masatsugu Asakawa, who took part in the G-7 session on behalf of Finance Minister Taro Aso, revealed this.

It is rare for what the G-7 countries discussed at their informal talks to be disclosed.

The G-7 especially sees as problematic North Korea’s financial transactions aimed at avoiding sanctions slapped on the country under U.N. Security Council resolutions.

The G-7 agreed on the need to put maximum economic pressure on North Korea by cutting off the country’s revenue sources and preventing its abuse of the financial system, Asakawa said at a press conference.

The meeting was held based at the request of Italy, this year’s chair of the G-7, which believes that the threat of North Korea is becoming real.

At the gathering, which lasted for about two hours, the G-7 officials also discussed ways to strengthen financial cyber-security with officials of private financial institutions and experts.

The U.N. Security Council adopted on Sept. 11 a fresh sanctions resolution against North Korea following its sixth nuclear test, carried out on Sept. 3.

The United States and other countries have been calling for the strict implementation of North Korea sanctions as Pyongyang is suspected of escaping sanctions by falsifying the names of items it exports, sources familiar with the situation said.Speech

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