September 26, 2023

U.S. targets Chinese bank, entity and nationals in new N. Korea measures

Treasury proposes cutting the Bank of Dandong out of U.S. financial system

The United States Department of the Treasury has unveiled sanctions on a Chinese shipping company and two Chinese nationals, as well as proposing the exclusion of a Chinese bank from the U.S. financial system, in a new round of North Korea-focused sanctions on Thursday.

The measures against a shipping company and two individuals are pursuant to Executive Orders while the proposal to designate the Bank of Dandong as a financial institution of primary money laundering concern is pursuant to Section 311 of the Patriot Act.