The U.N. resolution also bans countries from giving additional work permits to North Korean laborers, another source of money for Pyongyang.
Iran is not meeting the expectations laid out in the worldwide nuclear agreement known as the Joint Comprehensive Plan of Action (JPCOA), US Secretary of State Rex Tillerson said on Thursday.
"These continued provocations only deepen North Korea's diplomatic and economic isolation".
The U.S., Britain and France are the other permanent members of the Security Council, the U.N.'s most powerful decision-making body.
This includes "aggressive and illegal actions" by North Korea, which has fired several ballistic missiles and tested a nuclear weapon in recent months. Merkel suggested that the approach taken with Iran - lifting global sanctions in exchange for it curbing nuclear activities - could be used with North Korea.
Nicolas de Riviere, the head of political affairs in the French Foreign Ministry, also joined the US and British officials to discuss hurricane relief work in the Caribbean.
The Foreign Secretary will also chair a meeting on the situation in Libya with Mr Tillerson, and the French political director, as well as the Italian and Egyptian foreign ministers, and representatives from the UN and United Arab Emirates. Today it is split between rival parliaments and governments in the east and west, each backed by a set of militias, tribes and political factions.
"Helping to bring stability to Libya is a vital part of United Kingdom efforts to tackle the threat from terrorism and the issue of illegal migration, which exist in close proximity to Europe", it said.
Tillerson also suggested US would push forward with additional unilateral sanctions against the regime.
On a visit to London where he met British Prime Minister Theresa May and foreign minister, Boris Johnson, Tillerson said the United States had wanted to see a much stronger resolution from the United Nations which agreed a new round of sanctions on Monday.