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Chinese bank opens branch in NK in violation of UN resolution: RFA

A Chinese bank has opened a new branch in a special economic zone in North Korea, which can be a violation of the latest UN resolution against the North's nuclear test early this year, a US broadcaster, monitored here, reported Tuesday.

Adopted on March 2 following the North's nuclear test in January, the UN Security Council Resolution 2270 prohibits UNmember nations' financial institutions from operating existing branches or opening new ones in the North.

The resolution also obliges member nations to shut down existing representative offices or banking accounts in the North within 90 days if they have credible information that such financial services could contribute to the North's nuclear or ballistic missile programs.

The resolution also stated that member states shall prohibit the opening and operation of new branches, subsidiaries and representative offices of North Korean banks in their territories.

"I've witnessed that a Chinese bank has opened a branch in the North's Rason special economic zone, and was doing business," the Radio Free Asia (RFA) quoted a Chinese businessman, who recently traveled to the economic zone, as saying.

The businessman said he has no idea of when the branch began its operations but saw more than a few people there.

He said that the branch might have been allowed by the North for the convenience of Chinese businesses operating in the economic zone, the broadcaster said.

The opening of the unidentified Chinese bank's branch, if true, is likely to cause a controversy over the violation of the UN resolution. (Yonhap)