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Monday March 13, 2:24 PMMajor Chinese banks refrain from dealing with N. Korean firms(Kyodo) _ Major Chinese banks dealing with foreign exchange are refraining from holding transactions with North Korean-related firms after the United States imposed financial sanctions against a Macao-based bank last September, several diplomatic sources said Sunday.The United States imposed the sanctions against the Macao-based Banco Delta Asia SARL for allegedly distributing counterfeit U.S. dollars and laundering money for North Korea, also prompting financial institutions in Britain and other European countries to take similar action in voluntarily restricting transactions with North Korean-related firms, the sources said. Pyongyang has said it is not conducting illegal activities. The U.S. Treasury Department advised U.S. financial institutions not to deal with foreign banks that are said to be involved with alleged illegal activities by North Korea. North Korea, meanwhile, is transferring its accounts to countries such as Austria which have not refrained from making transactions with North Korea, the sources said, adding that financial transactions with North Korea will now be limited to Austria, Switzerland and some Southeast Asian nations. North Korea and the United States have been at odds over the sanctions, with Pyongyang unwilling to return to the six-party talks -- which comprise the two Koreas, Japan, Russia, China and the United States -- unless the United States lifts the sanctions. Washington has repeatedly said the financial sanctions have nothing to do with the nuclear talks, which have been stalled since the fifth round was held in Beijing in November. |
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