Three Chinese banks could lose access to US business after being found in contempt

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Three Chinese banks could lose access to US business after being found in contempt GlobeBusiness

Three large Chinese banks could lose their access to the U.S. financial system after a judge found them in contempt for refusing to comply with subpoenas in a probe into violation of North Korean sanctions, The Washington Post reported on Monday.

The U.S. Department of Justice back then accused the banks of working with a Hong Kong company, which allegedly laundered over US$100 million for North Korea’s sanctioned Foreign Trade Bank, according to the paper.A spokesman at China Merchants Bank said he was aware of the report but could not immediately comment. Shanghai Pudong Development Bank and Bank of Communications could not be reached immediately for comment.

 

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