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China opposes unilateral sanctions as U.S. designates N. Korea money launderer

All News 17:42 June 02, 2016

BEIJING, June 2 (Yonhap) -- China said Thursday it opposes unilateral sanctions by a certain country against North Korea, reacting coolly to a U.S. decision that designated North Korea as a "primary money laundering concern" with the aim of blocking the North's access to the global financial system.

The designation by the U.S. Treasury Department came as part of the North Korea Sanctions and Policy Enhancement Act enacted in February to punish Pyongyang for conducting its fourth nuclear test in January and a long-range rocket launch the following month in violation of U.N. resolutions.

"China opposes any country's unilateral sanctions," China's foreign ministry spokeswoman Hua Chunying told reporters.

The official urged all relevant parties to refrain from taking actions that could escalate tensions on the Korean Peninsula.

Hua also repeated that China has faithfully implemented the latest U.N. sanctions against North Korea's latest nuclear test and launch of a long-range rocket.

The U.S. decision calls for prohibiting American financial institutions from opening or maintaining correspondent accounts with North Korean financial institutions, and prohibiting the use of U.S. correspondent accounts to process transactions for North Korean financial institutions.

It also prohibits the use of U.S. correspondent accounts of third-country banks to process transactions for North Korean financial institutions.

kdh@yna.co.kr
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