US slaps sanctions on Chinese bank accused of laundering North Korean cash

The United States has slapped unprecedented sanctions on a Chinese bank accused of laundering North Korean cash. The move comes after President Donald Trump said, Beijing’s efforts to put the brakes on Pyongyang’s nuclear drive had failed.

Treasury Department said, the Bank of Dandong would be severed from the US financial system for acting as a conduit for illicit North Korean financial activity.

Treasury Secretary Steven Mnuchin said the move was not targeted at China’s government, but it is likely to infuriate Beijing, which says it has been unstinting in its efforts to ease tensions with North Korea.

The bank will now be prevented from having accounts or doing business with US financial institutions.

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