North korea: first us sanctions against a chinese bank

North korea: first us sanctions against a chinese bank

North korea: first us sanctions against a chinese bank

Treasury's Financial Crimes Enforcement Network announced a finding that Bank of Dandong, a Chinese bank that allegedly acts as a conduit for illicit North Korean financial activity, is a foreign bank of primary money laundering concern, and FinCEN has proposed to sever the bank from the USA financial system.

Dandong - a northeastern Chinese city on the North Korean border - is a gateway for trade with isolated North Korea.

The Trump administration in March slapped sanctions against several Chinese businesses and individuals, but could issue far wider-reaching sanctions on Chinese companies and industries that do business with North Korea in a bid to push the Chinese government to more forcefully pressure North Korea into changing its behavior.

"I wish we would have a little more help with respect to North Korea from China, but that doesn't seem to be working out", Trump said last week after tweeting that Chinese efforts to pressure North Korea "has not worked out".

For months, former US officials and experts warned that President Donald Trump's plan to rely on China to pressure North Korea into giving up its nuclear weapons was futile.

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Mnuchin said USA officials were continuing to look at other companies that may be helping North Korea and may roll out additional sanctions.

The Bank of Dandong will no longer be able to access the US financial system "either directly or indirectly" and called the action "very significant", Mnuchin said.

Now, as South Korea's president arrives at the White House, Trump appears to be coming to terms with the reality.

The announcement reflects growing US frustration over China's efforts to enforce global sanctions meant to starve North Korea of revenue for its nuclear and missile programs.

"If we find other activity, we will sanction other entities".

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"We are in no way targeting China with these actions", Treasury Secretary Steven Mnuchin said at a briefing. Anxieties about North Korea's nuclear capabilities have escalated amid recent missile tests.

On North Korea, Mr Trump "feels like he gave China a chance to make a difference" but has not seen enough results.

Anthony Ruggiero, a sanctions expert and former Treasury Department official, described it as a small Chinese bank "sitting at the heart" of trade between North Korea and China.

-Chinese national Sun Wei, said to have been running a cover company for North Korea's Foreign Trade Bank, which is already subject to USA sanctions.

A Treasury statement named the bank as the Bank of Dandong and the firm as Dalian Global Unity Shipping Co Ltd.

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