Chinese banks freeze North Korean accounts

Macau-based Banco Delta Asia

Chinese banks near the North Korean border have reportedly started to freeze accounts held by North Koreans. According to South Korean news agency Yonhap, the move is a response to the North’s latest nuclear missile test.
“The North is thought to directly deliver cash or use borrowed-name bank accounts when it comes to its external trade [with China],” said ministry spokesman Jeong Joon-hee at a press briefing.
The U.S. had previously blacklisted Macau-based Banco Delta Asia (BDA) for alleged counterfeiting and money laundering to North Korea, and froze around USD24 million worth of funds in North Korea’s BDA accounts.
In 2013, the U.S. accused the Bank of China of providing financial support to the North’s nuclear weapons program, leading to the closure of several accounts at North Korea’s Foreign Trade Bank.
China is reportedly under pressure to collaborate with U.S.-led efforts to impose sanctions on North Korea. The North launched its fourth nuclear test in January, followed by its long-range rocket launch earlier this month.