China shuts North Korean bank accounts

by admin
May 8, 2013

The Bank of China has closed down accounts belonging to North Korea's Foreign Trade Brank (FTB), reports The Times, in an effort to exert pressure on North Korea.

The US and South Korea have accused the FTB of being used by North Korea to illicitly trade in arms.

The move by China is considered to be unexpected, and follows weeks of lobbying by the US and other western states, urging China to exert pressure on North Korea and its nuclear programme. Last month the US Secretary of State, John Kerry, and the Treasury Secretary, Jacob Lew, visited Beijing.

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