June 29, 2017
Today, the Treasury Department took additional actions to thwart North Korea’s sanctions evasion and nuclear and ballistic missile programs. Specifically, FinCEN has proposed to cut off the Bank of Dandong, a Chinese bank, from the U.S. financial system following a finding that the bank (which apparently acts as a conduit for illicit North Korean financial activities) is a foreign bank of primary money laundering concern. In addition, OFAC sanctioned two Chinese citizens and a shipping company for supporting or acting on behalf of North Korea. While the actions target Chinese individuals and entities, Treasury Secretary Mnuchin stated that the actions do not target China and that the administration plans to continue to work with China and others to “cut off” North Korea’s illicit activity.
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