Banks won't be allowed to do business with both US and North Korea: Steven Mnuchin

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 behaviour," 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 behaviour.