China to Major N. Korean Bank: Account Closed

US says Foreign Trade Bank of NK helped fund country's nuke program

By Matt Cantor,  Newser Staff

Posted May 7, 2013 10:25 AM CDT

(Newser) – North Korea may be feeling a little more squeezed today, at the hands of China: The Bank of China has closed the account of a top North Korean bank, this after the US had in March effectively blocked the Foreign Trade Bank of North Korea's access to the US financial system. The US maintains that the bank has helped fund Pyongyang weapons programs, and Washington had warned other nations that the bank poses a threat. The Wall Street Journal observes that since the Bank of China is government-owned, the move was likely OKed by top officials.

In this Wednesday, April 10, 2013 photo, North Korean soldiers chat as they stand guard on the river bank of the North Korean town of Sinuiju, opposite the Chinese border city of Dandong.
In this Wednesday, April 10, 2013 photo, North Korean soldiers chat as they stand guard on the river bank of the North Korean town of Sinuiju, opposite the Chinese border city of Dandong.   (AP Photo)
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