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U.S. judge finds 3 big Chinese banks in contempt in N. Korean sanctions and money laundering probe, triggering for first time Patriot Act penalty that could cut one off from the U.S. financial system at the demand of the Atty Gen or Treasury Secretary. washingtonpost.com/local/legal-is…
Justice Dept. has alleged that China’s state-owned Bank of Communications, China Merchants Bank and Shanghai Pudong Development Bank worked with a Hong Kong front company accused of laundering more than $100 million for North Korea’s sanctioned, state-run Foreign Trade Bank.
The bank at risk of losing access to U.S. dollars, the lifeblood of international finance, appears to be SPDB, China’s ninth-largest bank by assets, whose roughly $900 billion makes it comparable in size to Goldman Sachs.
