WASHINGTON (Sputnik) — The US Department of the Treasury said in a statement that it has severed China's Bank of Dandong from the US financial system because of the bank’s illicit deals with North Korea.
"The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) today issued a final rule under Section 311 of the USA PATRIOT Act that severs Bank of Dandong, a Chinese bank that acts as a conduit for illicit North Korean financial activity, from the US financial system," the statement said.
The Treasury Department said it also issued an advisory "to further alert financial institutions to schemes commonly used by North Korea to evade US and United Nations (UN) sanctions, launder funds and finance the North Korean regime’s weapons programs."
Earlier, media reported that Beijing ordered its banks to block transactions for accounts held in China by North Koreans, in keeping with new international sanctions against the regime.
