Banks won't be allowed to do business with both U.S. and North Korea: Mnuchin

FILE PHOTO: U.S. Treasury Secretary Steve Mnuchin gestures during a news briefing at the White House in Washington, U.S., to announce sanctions against Venezuela, August 25, 2017. REUTERS/Yuri Gripas

NEW YORK (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Thursday that banks doing business in North Korea would not be allowed to also operate in the United States under a new sanctions order aimed at thwarting Pyongyang’s nuclear and missiles program.

“No bank in any country should be used to facilitate Kim Jong Un’s destructive behavior,” Mnuchin told reporters, referring to North Korea’s leader. “Foreign financial institutions are now on notice that going forward they can choose to do business with the United States or with North Korea, but not both.”

Mnuchin said any sanctions issued under the new executive order signed by U.S. President Donald Trump on Thursday would be forward-looking and not target past behavior.

Reporting by Jeff Mason; Writing by Tim Ahmann; Editing by Mohammad Zargham