North Korea's Rocket rattled the world, the U.S. warned sanctions

North Korea launched a Taepodong-2 rocket over the Sea of Japan on Sunday. The launch rattled the North's neighbors and countries around the world. The U.S. and its rallies asked for quick punishment at an emergency U.N. Security Council meeting held hours after launch.

Just this morning, we were reminded again of why we need a new and more rigorous approach to address this threat,” US President Barak Obama said Obama in Prague.

“This provocation underscores the need for action -- not just this afternoon at the UN Security Council, but in our determination to prevent the spread of these weapons,” he added.

Council members met for three hours Sunday but failed to release even a customary statement of condemnation. China and Russia hold vote power and could possibly water down any response.

If the UN doesn't enforce the sanctions, the Obama administration unilaterally could threaten to cut off from the U.S. financial system any bank working with the North Koreans, said Mike Green who served as an Asian-affairs specialist on the White House National Security Council under former President George W. Bush.

In October 2006, the U.N. Security Council passed Resolution 1718, which among other sanctions calls for freezing the financial assets of any North Korea individual or organization aiding the country's nuclear and missile programs.

Financial analysts have said the U.S. has the ability to make such financial sanctions.

In 2005, the Treasury Department found that Nanco Delta Asia SARL, a Macau institution concerned with laundering money because of its dealings with the North Koreans.

The Designation prompted the Macau government to take over Banco Delta , freezing $25 million in allegedly laundered funds linked to North Korea.

We would get everyone's attention , if the power was used again, that is definitely a tool in the box, said Green.