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. The department's Financial Crimes Enforcement Network, or FinCEN, said it is seeking comments on its proposal to classify Bank of Dandong as a "primary money laundering concern" under section 311 of the Patriot Act, a powerful measure that has transformed previous designees into banking pariahs, and forced others into receivership. The bank, which is headquartered near China's border with North Korea, acts as a "conduit" for the King Jong...
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