China closes DPRK banks in border town: report

2013-05-09 23:28:55 GMT2013-05-10 07:28:55(Beijing Time)  SINA English

Three or four North Korean banks in China's Dandong, the biggest trading hub between the Democratic People's Republic of Korea (DPRK) and China, have reportedly closed down, S.Korea's Chosun Ilbo quoted diplomatic source in Beijing as saying.

According to the source, Beijing has combed through all DPRK-related accounts in major Chinese banks in an effort to "implement sanctions imposed by the UN Security Council in the wake of the North's latest nuclear test".

Most of the accounts of DPRK companies and individuals in major Chinese banks have been identified.

If the accounts prove to be linked to illegal activities like nuclear weapons and missile development, Beijing apparently plans to impose sanctions on each individual DPRK bank, just as it did when the Bank of China cut ties with the Foreign Trade Bank of the North on Tuesday.

However, a businessman from DPRK said they will find other ways to remit money to the North given the fact that more than 20,000 Korean Chinese live in Dandong.

Editor: Mei Jingya
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