The Financial Crimes Enforcement Network today announced steps to safeguard the U.S. financial system against illicit North Korean financial activity, in light of the regime’s ongoing evasion of international sanctions, development of weapons of mass destruction and violations of United Nations Security Council Resolutions.
FinCEN labeled the Chinese Bank of Dandong a primary money laundering concern, noting that the bank serves as a conduit for moving illicit funds out of North Korean. FinCEN issued a proposal to sever ties between the institution and the U.S. financial system. In addition, Treasury’s Office of Foreign Asset Control sanctioned two individuals and one global shipping company that transports goods between China and North Korea.
“The Department of the Treasury is committed to protecting the U.S. financial system from North Korean abuse and maximizing pressure on the government of North Korea until it abandons its nuclear and ballistic missile programs,” said Treasury Secretary Steven Mnuchin. “[T]he United States is sending an emphatic message across the globe that we will not hesitate to take action against persons, companies, and financial institutions who enable this regime.”