- Aug 2017
- Medway Towns, Kent
interesting one for the North Korea watchers...
China banks fear US North Korea sanctions - BBC NewsThis is not particularly about their troublesome neighbour. It is because of a fear of US repercussions.
Bank branches near the North Korean border have told the BBC they've been instructed not to open any new accounts for that country's citizens and businesses.
This is not part of any United Nations sanctions regime.
It is an attempt to head off further US measures targeting Chinese banks which are accused of doing sanctions-busting business with North Korea.
Quite apart from the UN, the US Treasury has its own sanctions regime blacklisting companies and people who are said to have assisted Pyongyang in developing nuclear weapons.
Once a person or a company is placed on the American list of prohibited entities, US (and even foreign) companies can face strict penalties within the US for having dealings with them.