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NEW Unsealed U.S. ruling confirms widening American criminal investigation into Hong Kong company that helped North Korea evade financial sanctions on its nuclear program, spotlighting role of big China banks Bank of Communications, China Merchants Bank wapo.st/2PIko89
A federal judge in Washington, DC, upheld subpoenas to three largely state-owned Chinese banks. Earlier, the U.S. froze assets of Minzheng International Trading Ltd,, noting the Hong Kong's firm use of the banks and Shanghai Pudong Development Bank @C4ADS wapo.st/2PIko89
Judge: “Allowing China to gum up United States’ investigations by dictating how the United States can pursue evidence, especially when the two countries’ interests are not aligned, is antithetical to sound law enforcement," wapo.st/2PIko89
The opinion will 'shock' China’s bank industry into a 'furious scrub' of customer lists, said @freekorea_us 'The very risk of having to litigate more cases like this should have a deterrent effect on other banks in China to meet due-diligence obligations' wapo.st/2PIko89
