Trump sanctions Chinese bank in bid to rein in North Korea

China slams US for'wrongful sanctions on Chinese bank

China slams US for'wrongful sanctions on Chinese bank

President Trump has always been pushing China to do more to rein in the North Korean regime and its leader Kim Jong-un.

While I greatly appreciate the efforts of President Xi & China to help with North Korea, it has not worked out.

The US Treasury has identified the Bank of Dandong "to be a foreign financial institution of primary money-laundering concern", serving as "a gateway for North Korea to access the US and global financial systems - facilitating millions of dollars of transactions for companies involved in North Korea's nuclear and ballistic missile programmes", Mnuchin said.

The moves come in response to North Korea's ongoing efforts to build missiles and its violations of U.N. Security Council resolutions.

The U.S. also slapped sanctions Thursday on a Chinese shipping company and two Chinese people that it says have facilitated illegal activities by North Korea.

"The designation will make reputable Western banks ask questions about larger financial institutions in China", said Ruggiero, now a senior fellow at the non-profit Foundation for Defense of Democracies. A main focus of the coordination has been getting China to fully enforce global sanctions meant to starve North Korea of revenue for its nuclear and missile programs.

China, which borders North Korea and is considered its only major ally, argues that negotiations are the best way to persuade it to halt its nuclear and missile activities. President Donald Trump has been leaning on China to use its influence as North Korea's main trading partner but has expressed some frustration recently with a lack of progress.

Treasury Secretary Steve Mnuchin said the US still wants to work with Beijing on combating the North Korean threat.

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Speaking alongside Moon in Congress, House Speaker Paul Ryan told reporters that the US and South Korea "shared concerns" about North Korea.

Moon responded by saying that when it comes to humanitarian issues, "we must cross boundaries and all party lines and all try to unite together as one".

In March also, the Trump administration had slapped sanctions against several Chinese businesses and individuals.

'We are committed to targeting North Korea's eternal enablers, ' he said, 'and maximizing economic pressure on the regime, until it ceases its nuclear and ballistic missile programs'.

In the recent past, the threat of United States sanctions was enough to compel China to curb much of its cyber espionage against the US.

"Right now we see no evidence that they are seeking to reduce the threat from nuclear weapons or ballistic missile technology".

Trump said earlier this month that China's efforts to contain North Korea had been unsuccessful.

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