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China Instructs Banks To End Financial Transactions With North Korea

The Chinese government has ordered the nation’s banks to cease doing business with North Korea, which came as welcome and unexpected news to President Donald Trump.

Reuters reported that Chinese banks received a document on Monday stating that the directive was in compliance with U.N. sanctions passed by the Security Council last month.

“At present, management of North Korea-related business has become an issue of national-level politics and national security,” according to the document seen by the sources.

“Our bank is fulfilling our international obligations and implementing United Nations sanctions against North Korea. As such, we refuse to handle any individual loans connected to North Korea,” the document stated.

Banks have been instructed to stop providing financial services to new customers and to wind down loans to current customers.

The development came as welcome news to Trump, who announced China’s decision at a joint meeting at the United Nations with South Korean President Moon Jae-in and Japanese Prime Minister Shinzo Abe.

Trump first discussed an executive order that he had just signed expanding the federal government’s authority to prevent individuals, companies and financial institutions that finance and facilitate trade with North Korea from doing business in the United States.

The president then added, “I’m very proud to tell you that, as you may have just heard moments ago, China, their central bank has told their other banks — that’s a massive banking system — to immediately stop doing business with North Korea. This just happened. It was just reported.”

“I want to just say, and thank President Xi of China for the very bold move he made today. That was a somewhat unexpected move and we appreciate it,” Trump stated.

In July, Trump expressed his disappointment that China had not done more to rein in North Korea.

Last month, in a move that many found surprising, China voted at the United Nations Security Council for increased economic sanctions against North Korea.

Both Moon and Abe expressed appreciation on Thursday for Trump’s leadership in addressing the North Korea threat.

“President Trump just talked about the executive order, through which the U.S. is going to be implementing sanctions against the DPRK (North Korea). That was a very major announcement made by China to take actions on the DPRK,” Moon said.

“I am very confident that such moves will contribute to complete denuclearization of DPRK,” he stated. “In this, I’d like to extend my appreciation to President Trump, and I’d like to say that Korea will closely coordinate with the United States on this matter.”

Highlighting the urgency of dealing with North Korea, Abe noted that in the last three weeks North Korea has twice fired missiles over Japan and has detonated a nuclear weapon 10 times stronger than that dropped on Hiroshima.

“So we are going into the new stage of pressure from the viewpoint of exercising the stronger pressure, new pressures,” Abe said. “I welcome the new sanction measures of the United States, and I’d like to offer my heartfelt support for that.”

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source: Western Jounralism

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