Today: Thursday, 23 May 2024 year

China investigating North Korean bank

China investigating North Korean bank

Chinese authorities are investigating a North Korean bank, which is linked reportedly to the nuclear tests. The suspected Kwangson Banking Corp. was financing its government’s imports of goods but could be used as well for supporting the North’s all ballistic missile activity, condemned by the UN and international community.

China started an investigation regarding the North Korean Kwangson Banking Corp. The financial corporation was ordered closed under UN sanctions imposed in March, they were aiming at reducing financial activity due to the North’s nuclear tests. Asa matter of fact, the bank kept operating in secret in the border city of Dandong, Joongang Daily reported. The source of this info is still unidentified, indeed.

There’s n comments or explanations from the China’s Foreign Ministry and its bank regulator. Official Beijing has long been North Korea’s main source of aid and diplomatic support but North Korean stubborn nuclear activity made the relations extremely tense.

China is a signatory of the documents issued in March by the UN, in which international community agreed to tighten control on North Korean activity in the different fields, including financial flows. Moreover, the UN Security Council resolutions prohibit nuclear weapons development by the North and all ballistic missile activity.

Kwangson Bank is an affiliate of North Korea’s state-run Foreign Trade Bank, that’s why the investigation was started.