American lawmakers are considering legislation that would authorize a raft of penalties against any foreign financial institution that conducts business with North Korea, regardless of whether the transactions in question pass through U.S. banks.
The U.S. Treasury Department on Thursday moved to block a Chinese bank from the U.S. financial system for allegedly funneling funds to and from North Korea in violation of international sanctions.
Foreign banks caught transferring funds tied to China's development of airfields, military bases, civil infrastructure and other projects in two disputed international waterways could be barred from the U.S. financial system under legislation pitched Wednesday.
U.S. lawmakers are considering drafting new legislation that would mandate a ban on Chinese financial institutions with ties to blacklisted entities in North Korea ahead of the country's expected test of an intercontinental ballistic missile.
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