U.S. Sanctions Chinese Bank Tied To North Korea

The United States Treasury Department has issued sanctions against a Chinese bank, shipping company, and two individuals due to their ties to North Korea.

The sanctions were announced by U.S. Treasury Secretary Steven Mnuchin.

Said Mnuchin, “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.  This bank has served as a gateway for North Korea to access the U.S. and international financial systems – facilitating millions of dollars of transactions for companies involved in North Korea’s nuclear and ballistic missile programs.  The United States will not stand for such actions.”

Two individuals, and Dalian Global Unity Shipping were also sanctioned.

While Mnuchin emphasized that the sanctions were targeted at North Korea, not China, the move comes days after the United States named China as one of the “worst offenders” when it comes to human trafficking and forced labour. The U.S. has also expressed frustration over China’s inability/unwillingness to deal with North Korea, signalling deteriorating relations.

Meanwhile, Justin Trudeau keeps letting China buy up sensitive Canadian companies related to national security. Nice.

Spencer Fernando