The sanctions also come one week after the U.S. and China failed to announce a joint action plan to freeze North Korea's nuclear programme after their first Diplomacy and Security Dialogue in Washington, but reached a consensus on not doing business with any UN-designated North Korean entities.
Trump appeared encouraged by China's initial show of pressure on North Korea: Beijing banned imports of coal from North Korea in late February and Trump signaled that Chinese President Xi Jinping was understanding of the U.S.' grave concerns about advancements in North Korea's nuclear and ballistic missile programs.
Mnuchin said cutting off the flow of money was "very effective" in bringing Iran to the negotiating table and the U.S.is seeking to do the same with North Korea.
Trump said earlier this month that China's efforts to contain North Korea had been unsuccessful.
Treasury's move will prevent the bank from having accounts or doing business with United States financial institutions.
Among them: severing US financial ties with China's Bank of Dandong, which the administration claims acts as a pipeline to support alleged illicit North Korean financial activity. Treasury alleged that some of those transactions were related to North Korea's missile programs.
The United States on Thursday imposed sanctions on two Chinese citizens and a shipping company for helping North Korea's nuclear and missile programs and accused a Chinese bank of laundering money for Pyongyang.
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In addition, Treasurys Office of Foreign Assets Control (OFAC) also slapped sanctions on a Chinese shipping company and two Chinese people that it said have facilitated illegal activities by North Korea. This action freezes the entire bank out of the United States financial system.
-Chinese national Li Hong Ri, said to have established several front companies that end up benefiting Koryo Bank, a US -sanctioned conduct for financial transactions on behalf of North Korea.
The sanctions will cut off the bank and individuals associated with it from the American financial system.
"But more importantly", Glaser added, "it is an effort to begin to address the way that the North Korean regime and its military is getting access to funds, because they are conducting illicit activities thorough these entities in China". At least I know China tried!' Trump tweeted on June 20.
Speaking alongside Moon in Congress, House Speaker Paul Ryan told reporters that the US and South Korea "shared concerns" about North Korea.
Washington has repeatedly urged China to exert more economic and diplomatic pressure on North Korea.