US sanctions Chinese bank for laundering NKorean cash

WASHINGTON: The United States slapped unprecedented sanctions Thursday on a Chinese bank accused of laundering North Korean cash after President Donald Trump said Beijing’s efforts to put the brakes on Pyongyang’s nuclear drive had failed.

As South Korea’s new president visited Washington, the Treasury Department announced the Bank of Dandong would be severed from the US financial system for acting “as a conduit for illicit North Korean financial activity.”