Chinese Bank stops transactions for North Koreans

Tuesday 12 2017 1 month ago 32   Beijing   Print

File Photo.

Report  Web Desk : BEIJING: Branches of Chinese biggest banks have suspended financial transactions for North Koreans, employees told, suggesting that Beijing has pursued stronger measures against its nuclear-armed ally than previously thought. Staff at branches in Beijing and the border city of Yanji a major trade and transportation hub between the two neighbours said their banks have banned North Koreans from opening new accounts and some have even started to close existing ones. The restrictions were imposed well before the United Nations Security Council unanimously approved, with China blessing, new sanctions on Pyongyang following its latest and largest nuclear test. Employees at several branches of the country big four Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank confirmed the financial curbs for North Korean clients. We have frozen their accounts, which means they cannot withdraw (money), a staff member at a Yanji branch of China Construction Bank told. 02