Chinese bank involved in violating N. Korean sanctions risks losing access to U.S. financial system: WP

Three Chinese banks have been found in contempt for refusing to comply with subpoenas in a probe into North Korean sanctions violations.It means, for the very first time, one of China's largest banks could be prohibited from accessing the U.S. financial system.This according to the Washington Post on Monday.While not identified,... the daily concluded based on court rulings that the banks were China's state-owned Bank of Communications, China Merchants Bank and Shanghai Pudong Development Bank.The report said the situation is most precarious for the latter of the three.All of them are accused of laundering over one-hundred million U.S. dollars for the North's state-run Foreign Trade Bank, which is under international sanctions.