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Senate Panel Advances Bill to Sanction Banks Dealing With North Korea

Anthony Ruggiero
7th November 2017 - Quoted by Ian Talley - The Wall Street Journal

Chinese banks risk steep penalties for aiding North Korea, under new legislation that sailed through the Senate banking committee Tuesday.

The new bill, unanimously approved by the committee on the eve of President Donald Trump’s meetings with Chinese President Xi Jinping in Beijing, is designed to bolster U.S. enforcement of sanctions and give the White House leverage as it presses the country to take stronger action against North Korea.

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“Compliance officers in major Chinese banks should be paying attention,” said Anthony Ruggiero, a senior fellow at the Foundation for the Defense of Democracies. If the banks’ involvement with North Korea continues, the Treasury Department may decide to block larger Chinese banks from the U.S. financial system, freeze their assets or impose large fines, he said.

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Tags

china, csif, north-korea, sanctions