Chinese bank involved in violating N. Korean sanctions risks losing access to U.S. financial system: WP
- 5 years ago
A U.S. judge has found three large Chinese banks in contempt for refusing to comply with subpoenas in an investigation into North Korean sanctions violations.
This means one of China's largest banks could be cut off from the U.S. financial system, for the very first time, at the demand of the U.S. attorney general or treasury secretary.
This according to the Washington Post on Monday.
While the three banks are not identified,... it concluded based on court rulings that the banks were China's state-owned Bank of Communications, China Merchants Bank and Shanghai Pudong Development Bank.
The report said the situation is most precarious for Shanghai Pudong Development Bank.
All three are accused of laundering over one-hundred million U.S. dollars for the North's state-run Foreign Trade Bank, which is under international sanctions.
This means one of China's largest banks could be cut off from the U.S. financial system, for the very first time, at the demand of the U.S. attorney general or treasury secretary.
This according to the Washington Post on Monday.
While the three banks are not identified,... it concluded based on court rulings that the banks were China's state-owned Bank of Communications, China Merchants Bank and Shanghai Pudong Development Bank.
The report said the situation is most precarious for Shanghai Pudong Development Bank.
All three are accused of laundering over one-hundred million U.S. dollars for the North's state-run Foreign Trade Bank, which is under international sanctions.