The United States has designated North Korea a “primary money laundering concern” under section 311 of the Patriot Act, the U.S. Department of Treasury announced on Wednesday.

The designation – which puts at risk of sanctions any bank which does business with the DPRK – applies further financial measures against North Korea with the aim of isolating the country from the U.S. and international banking systems.

“Today’s action is a further step toward severing banking relationships with North Korea and we expect all governments and financial authorities to do likewise pursuant to the new UN Security Council Resolution,” Acting Under Secretary