US blacklists China bank for helping North Korea

Washington: The US has blacklisted a Chinese bank and slapped sanctions on two Chinese individuals accused of illegally trading with North Korea.

The move is being seen as part of the Trump administration’s effort to prevent North Korea from obtaining nuclear weapons and missiles.

“The department of the Treasury is committed to protecting the US financial system from North Korean abuse and maximising pressure on North Korea until it abandons its nuclear and ballistic missile programs,” said treasury secretary Steven T Mnuchin. “While we will continue to seek international cooperation on North Korea, the United States is sending an emphatic message across the globe that we will not hesitate to take action against persons, companies,  and financial institutions who enable this regime,” he said.

Treasury’s Financial Crimes Enforcement Net-work (FinCEN) anno-unced a finding that Bank of Dandong, a Chinese bank that acts as a conduit for illicit North Korean financial activity, is a foreign bank of primary money laundering concern.