Subscribe to our free daily newsletters
. Military Space News .




Subscribe to our free daily newsletters



NUKEWARS
US sanctions Chinese bank for laundering N.Korean cash
By Heather SCOTT
Washington (AFP) June 29, 2017


The United States slapped unprecedented sanctions Thursday on a Chinese bank accused of laundering North Korean cash after President Donald Trump said Beijing's efforts to put the brakes on Pyongyang's nuclear drive had failed.

As South Korea's new president visited Washington, the Treasury Department announced the Bank of Dandong would be severed from the US financial system for acting "as a conduit for illicit North Korean financial activity."

And while Treasury Secretary Steven Mnuchin said the move was not targeted at China's government, it is likely to infuriate Beijing, which says it has been unstinting in its efforts to ease tensions with North Korea.

The announcement came on the same day that it emerged the Trump adminisration had approved $1.3 billion in arms sales to Beijing's archrival Taiwan and as the State Department voiced concerns about basic freedoms in Hong Kong under Chinese rule.

Since early in his administration, Trump has pushed China to do more to rein in the North Korean regime and its leader Kim Jong-un.

However, he raised eyebrows last week when he thanked his Chinese counterpart Xi Jinping for Beijing's help but then concluded that Xi's efforts had "not worked out." Trump did not spell out what he intended to do next.

The Treasury announcement said Dandong had been identified as "a foreign bank of primary money-laundering concern" that had been "facilitating millions of dollars of transactions for companies involved in North Korea's WMD (weapons of mass destruction) and ballistic missile programs."

The bank will now be prevented from having accounts or doing business with US financial institutions.

The department also sanctioned two Chinese individuals said to have established front companies to facilitate financial transactions for North Korea, and a Chinese shipping company accused of helping smuggle banned luxury goods into the country.

"This is not directed at China, this is directed at a bank, as well as individuals and entities in China," Mnuchin told reporters.

- 'Follow the money' -

But he warned that Treasury will "follow the money" and take action where needed to cut off illegal finance.

"If we find other activity, we will sanction other entities. Nobody's off limits."

China, which borders North Korea and is considered its only major ally, argues that negotiations are the best way to persuade Pyongyang to halt its nuclear and missile activities.

China's approach is echoed by South Korea's dovish new president Moon Jae-In, who arrived in Washington late Wednesday on his first foreign visit since taking office earlier this month.

Moon was due to dine with Trump on Thursday night, after meeting earlier with Congressional leaders as he pushes his policy of engagement with the North.

Speaking to reporters on his flight to the US, Moon said Seoul and Washington should offer concessions to Pyongyang if it complies with their demands, according to multiple South Korean reports.

"Without rewarding North Korea for its bad actions, South Korea and the United States should closely consult what they may give the North in return for a nuclear freeze," he said.

- 'To change their calculus' -

Speaking alongside Moon in Congress, House Speaker Paul Ryan told reporters that the US and South Korea "shared concerns" about North Korea.

Moon responded by saying that when it comes to humanitarian issues, "we must cross boundaries and all party lines, and all try to unite together as one."

Trump has been pushing for tougher sanctions against Pyongyang to curb its nuclear ambitions. His administration has said military action was a possibility.

But US officials have played down the idea that Washington and Seoul are at odds over their approach, with one senior administration official insisting Thursday that they "share precisely the same goal, which is the complete dismantlement of North Korea's nuclear and missile programs."

Trump was heaping economic and diplomatic pressure on Pyongyang "in order to change their calculus," the official said.

- 'No evidence' of reduced threat -

"Right now we see no evidence that they are seeking to reduce the threat from nuclear weapons or ballistic missile technology."

When Trump and Moon hold formal talks on Friday, they are likely to discuss a controversial US missile defense system that has been set up in South Korea to guard against missile threats from the North.

Though parts of the Terminal High-Altitude Area Defense (THAAD) system are already in place, Moon suspended further deployment following a furious campaign of economic sanctions and diplomatic protests by Beijing. Some analysts believe the Chinese see the system as part of a long-range US effort to contain China.

NUKEWARS
Trump says N.Korea threat must be 'dealt with rapidly'
Washington (AFP) June 26, 2017
President Donald Trump called on Monday for the threat posed by North Korea's nuclear and ballistic programs to be "rapidly" tackled, as he thanked visiting Indian leader Narendra Modi for rallying behind sanctions on Pyongyang. "The North Korean regime is causing tremendous problems and is something that has to be dealt with, and probably dealt with rapidly," Trump told reporters in the Whi ... read more

Related Links
Learn about nuclear weapons doctrine and defense at SpaceWar.com
Learn about missile defense at SpaceWar.com
All about missiles at SpaceWar.com
Learn about the Superpowers of the 21st Century at SpaceWar.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

NUKEWARS
Boecore awarded contract for ballistic missile launch warning system

S. Koreans march to protest US missile defence system

Suspected N.Korea drone filmed missile defence site: Seoul

Seoul trapped between a rock and a THAAD place; NK tests cruise missile

NUKEWARS
RAMSYS GmbH awarded RAM missile contract

IAI test fires new surface-to-surface missile

Raytheon, Kongsberg to bid for Navy missile contract

New SM-6 missile variant to begin at-sea testing

NUKEWARS
Leonardo, Hensoldt awarded $323 million U.K. IFF contract

Smart Quadcopters Find their Way without Human Help or GPS

China drone king turns to farming

Rockwell Collins to supply avionics for General Atomics MQ-9B

NUKEWARS
Harris Corp. awarded Special Forces radio contract

Airbus provides German troops with support communications at 15 sites worldwide

Airbus further extends channel partner program for military satellite communications in Asia

Radio communications have surprising influence on Earth's near-space environment

NUKEWARS
Switzerland orders Saab's anti-tank weapon

Denmark contracts with General Dynamics for EAGLE armored ATVs

Four companies receive contracts for non-lethal weapons development

BAE, Leonardo partner on precision-guided artillery ammunition

NUKEWARS
House Appropriations defense subcommittee bill could mean more ships, planes

Weapons found after shots fired in oil field: Saudi

Mattis, Dunford press Congress for increased, stable budgets

Senate narrowly defeats resolution blocking Saudi arms sale

NUKEWARS
Under US pressure, UN agrees on deep cuts to peacekeeping

Australia accused of spying on China: Chinese media

Provocateur Ai Weiwei taunts US with activist piece

China protests alleged Indian border incursion

NUKEWARS
Chemists perform surgery on nanoparticles

Silver atom nanoclusters could become efficient biosensors

Superconducting nanowire memory cell, miniaturized technology

Nanotechnology reveals hidden depths of bacterial 'machines'




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement