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US Treasury severs ties with Chinese bank citing link to North Korea

US Treasury(WASHINGTON) -- The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) severed ties between the American financial system and Chinese Bank of Dandong.

According to a news release, the Chinese bank "acts as a conduit for illicit North Korean financial activity," prompting the action. President Trump vowed to sever those ties this summer.

Treasury Secretary Steven Mnuchin said Thursday that the action "will better protect the U.S. financial system from illicit schemes used by North Korea to evade sanctions and finance its weapons programs."

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