A U.S. judge found three of China’s largest banks in contempt of court for refusing to comply with subpoenas issued in a federal probe into North Korean sanctions violations, the Washington Post reported on June 24, adding that one of the banks could consequently be cut off from the U.S. financial system.
While the three banks were not identified by the judge, the newspaper reported that the April contempt of court ruling aligned with a 2017 civil forfeiture action involving the Chinese state-owned Bank of Communications, China Merchants Bank, and Shanghai Pudong Development Bank (SPDB).
