U.S. Targets Chinese Bank, Others for N.Korea Sanctions Evasion
Alert: HALISTER1
Source: BFW (Bloomberg First Word)
People
Steven Terner Mnuchin (United States of America)
Topics
First Word DC - Foreign Policy
Proposed Rules
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UUID: 7947283
(Bloomberg) -- Treasury Dept’s Financial Crimes Enforcement Network in statement proposes prohibiting U.S. financial institutions from maintaining accounts for Bank of Dandong after concluding that the China-based company has acted as a gateway for money laundering by North Korea.
- Bank of Dandong has reportedly helped facilitate millions of dollars for companies engaged in North Korea WMD, ballistic missile programs, as described in Notice of Proposed Rulemaking issued pursuant to Section 311 of USA Patriot Act: Treasury
- Treasury Sec. Steven Mnuchin: “The Department of the Treasury is committed to protecting the U.S. financial system from North Korean abuse and maximizing pressure on the Government of North Korea until it abandons its nuclear and ballistic missile programs"
- Treasury’s Office of Foreign Assets Control also designates company Dalian Global Unity Shipping as well as Chinese citizens Sun Wei, accused of running a cover company on behalf of North Korea’s Foreign Trade Bank, and Li Hong Ri, who has reportedly established front cos. to conduct transactions for North Korea
Alert: HALISTER1
Source: BFW (Bloomberg First Word)
People
Steven Terner Mnuchin (United States of America)
Topics
First Word DC - Foreign Policy
Proposed Rules
To de-activate this alert, click here
To modify this alert, click here
UUID: 7947283