US blacklists Chinese bank accused of illegally trading with

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 Network (FinCEN) announced 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.
As a result, it proposed to sever the bank from the US financial system.

In addition, Treasury's Office of Foreign Assets Control (OFAC) also slapped sanctions on a Chinese shipping company and two Chinese people that it said have facilitated illegal activities by North Korea.
Mnuchin said this is part of its efforts against North Korea.
Despite multiple UN Security Council resolutions imposing international sanctions, North Korea continues its nuclear and ballistic missile programmes, he said.

"Treasury's Financial Crimes Enforcement Network has found the Bank of Dandong to be a foreign financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act," he said.
This bank has served as a gateway for North Korea to access the US and international financial systems - facilitating millions of dollars of transactions for companies involved in North Korea's nuclear and ballistic missile programs.
Mnuchin said the decison will require US banks to ensure that the Bank of Dandong does not access the US financial system directly or indirectly through other foreign banks.
This action reaffirms the Treasury Department's commitment to ensure that North Korea is cut off from the US financial system, he said.

"While today's actions are directed at Chinese individuals and entities, we look forward to continuing to work closely with the Government of China to stop illicit financing involving North Korea. We are in no way targeting China with these actions. We will be meeting with China and other countries at the G-20 next week to further our efforts to cut off North Korea's illicit activities," Mnuchin said.
"North Korea's provocative, destabilizing, and inhumane behavior will not be tolerated. We are committed to targeting North Korea's external enablers and maximizing economic pressure on the regime until it ceases its nuclear and ballistic missile programs," he said.