North Korean Asset Freeze Continued

WASHINGTON (CN) - President Obama has extended for a year the national emergency President Bush declared last year, which freezes the assets of the North Korean government and officials, held in U.S. banks.

Bush declared the national emergency due to the risk of proliferation of weapons-usable nuclear material on the Korean Peninsula, and President Obama states that this remains an extraordinary threat. The emergency also prohibits U.S. entities from trading or facilitating trade with North Korea.

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