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| China-Japan-Koreas | |
| China Moves on N.Korean Money Laundering | |
| 2013-03-21 | |
| China is making tentative moves in the direction of curbing the illegal activities of North Korean banks, North Korean sources in Beijing said on Tuesday. According to the sources, Chinese authorities put the brakes on illegal operations by the representative offices of Tanchon Commercial Bank, Korea Daesong Bank and Korea Kwangson Banking Corp. in Beijing and Dandong. These representative offices are not licensed to engage in business operations such as currency exchange and remittances of money in China because they are not full branches. But in fact they have engaged in money laundering by making payments for trade transactions on North Korean traders' behalf through borrowed-name bank accounts in China, or by receiving payments on traders' behalf and asking their headquarters in North Korea to pay the traders. No North Korean bank has a formal branch in China. Chinese authorities are apparently trying a little harder than in the past to enforce UN sanctions against North Korea. A diplomatic source in Beijing said, "This doesn't mean that China has taken a new initiative on its own to enforce sanctions on the North, but rather that it is treating North Korea-related transactions by the book." Until recently China has turned a blind eye to such violations.
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| Posted by:Steve White |
| #2 Hmmm...check didn't clear? |
| Posted by: Procopius2k 2013-03-21 11:35 |
| #1 The SOB can get a lot of gold for a nuke... no banks involved. |
| Posted by: Water Modem 2013-03-21 00:35 |