From Financial Times:
The Bank of China has frozen North Korean bank accounts containing millions of dollars, following in the footsteps of a US-led crackdown on the rogue state’s alleged counterfeiting and money-laundering.
The decision is remarkable because Beijing, long concerned about the potential for catastrophe on its north-eastern border, has hitherto avoided taking any action that might cause instability in Kim Jong-il’s regime.
A US government official said on Tuesday the Bush administration had been alerted that the Bank of China had frozen North Korea-related assets in its Macao branch. Earlier this year, China had warned financial institutions about counterfeiting by North Korea .
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