US sanctions Chinese bank over N Korea dealing

The United States on Thursday imposed sanctions on two Chinese citizens, a shipping company and a bank for helping North Korea’s nuclear and missile programs and accused a Chinese bank of laundering money for Pyongyang. A Treasury statement named the bank as the Bank of Dandong and the firm as Dalian Global Unity Shipping Co. It named the two individuals as Sun Wei and Li Hong Ri. The sanctions imposed on the two Chinese citizens and the shipping company blacklists them from doing business with US-tied companies and people, according to Reuters. The US Treasury Department said the Bank of Dandong had served as a gateway for North Korea to access the US financial system. Authorities said 17% of Dandong’s customer transactions in the bank’s US accounts had ties to North Korea. A former Treasury official said this is the first time US authorities sought to punish a Chinese bank accused of helping North Korea.