Chinese bank cut off from US markets for illicit N Korean links

FinCEN.pngThe US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a final rule under section 311 of the USA Patriot Act to sever Bank of Dandong from the US financial system (full list here).

Despite US and UN sanctions, the Chinese bank is said to have acted “as a conduit for North Korea to access the US and international financial systems”, including the facilitation of “millions of dollars of transactions for companies involved in North Korea’s weapons of mass destruction (WMD) and ballistic missile programs”.

As a result, FinCEN’s section 311 action against the bank imposes a prohibition on US financial institutions from opening or maintaining correspondent accounts for, or on behalf of, Bank of Dandong. Click here for the FinCEN press release.

This entry was posted in China, North Korea, USA by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

Please Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s