Jump to content
  • Sign Up
Sign Up To Remove Ads! | Purchase An Ad Slot!
octopus prime

Trump’s Letting China’s Big Banks Launder North Korea’s Cash

Recommended Posts

Posted (edited)

https://www.msn.com/en-us/news/world/trump’s-letting-china’s-big-banks-launder-north-korea’s-cash/ar-AAvW0Fp?ocid=spartanntp&ffid=gz

The Trump administration decided earlier this year not to enforce money-laundering laws against two large Chinese banks, Agricultural Bank of China and China Construction Bank, suspected of handling transactions involving North Korea.

Washington did not act against China’s large institutions for fear of consequences. “The idea of a U.S. ban was soon shelved, primarily because of fears that punishing lenders of that size might send shock waves through the global financial system,” Bloomberg reported Friday. Moreover, “officials worried about potential systemic damage and retaliatory measures from China.”

“There is no such thing as ‘too big to sanction,’” sanctions expert Joshua Stanton wrote in his blog, One Free Korea, in February. But where China is concerned, Stanton has been proved wrong. Not only has Trump not designated the two banks under Section 311 of the Patriot Act as “primary money laundering concerns,” he has not even fined them. The Obama administration imposed onerous fines on European banks in 2013, 2014, and 2015 for busting Iran sanctions, and those penalties proved effective in forcing compliance.

As a result of its inaction, the White House is now giving Chinese institutions free passes to violate American statutes. The administration’s decision is both an abrogation of its responsibilities and injurious to its efforts to disarm the Kim regime.

Bloomberg reports the U.S. Treasury began looking at the banks, China’s second- and third-largest, last September due to their involvement with Dandong Hongxiang Industrial Development Co. The CEO of Dandong Hongxiong, Ma Xiaohong, talked publicly about her company’s North Korea business, so AgBank and Construction Bank, as these institutions are called, had to know they were holding and transferring cash either coming from or going to the North.

Treasury in September 2016 sanctioned Dandong Hongxiang, Ma, and three other individuals for links to the Kim regime, and at the same time the Justice Department unsealed indictments against the same parties for laundering money through the U.S. financial system. Justice also seized cash in 25 Chinese bank accounts.

The U.S. then did not charge any bank. “There are no allegations of wrongdoing by the U.S. correspondent banks or foreign banks that maintain these accounts,” the Justice Department stated at the time of the seizures. The statement even then was not credible, and a Wall Street Journal editorial noted the Obama administration had signaled that Chinese banks were “untouchable.”

The failure to act against the banks then was troubling, but the seizures were probably intended as a signal to Beijing. The Chinese, however, realized they would not be touched and continued to handle Kim cash.

(cut)

Edited by Ukshep
Snipped to 50% - copyright rule

Share this post


Link to post
Share on other sites

I am not surprised, with the amount of drug trade coming out of North Korea it is only normal that you could picture some group or entity taking advantage of this and milking it for whatever they can gain.

I imagine there is a lot of money to be made for those that launder North Korean capital.

And as you know true evil has no qualms about whom they take their money from.

Share this post


Link to post
Share on other sites
2 minutes ago, octopus prime said:

To be fair, I'm sure Chinese banks would be more than happy to launder our country's drug money

Only I'm not sure the big dog american backed drug producers want that :D since they dislike china. Money must fund secret black project world.

  • Like 1

Share this post


Link to post
Share on other sites

Trump is also letting my neighbor's dog continue to shit in my yard. Why?  Whyyyyyyy can't he stop everything I don't like?  Just why?

  • Haha 1

Share this post


Link to post
Share on other sites
23 minutes ago, Full Throttle said:

Their is almost no hope left for this planet.  We are just about toast. 

I'm ready with real butter 'n' jelly!

  • Like 2
  • Haha 1

Share this post


Link to post
Share on other sites
3 hours ago, octopus prime said:

To be fair, I'm sure Chinese banks would be more than happy to launder our country's drug money

:nodl:======== and who says that aren't doing it now anyway??

Share this post


Link to post
Share on other sites

Your content will need to be approved by a moderator

Guest
You are commenting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


×