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Le Monde: Chinese, Western Banks Cut off Money Transfer to N. Korea

Written: 2013-05-07 08:52:16Updated: 2013-05-07 10:03:45

Le Monde: Chinese, Western Banks Cut off Money Transfer to N. Korea

A leading French newspaper says one Chinese and several Western banks have suspended money transfer services to North Korea due to the international community's sanctions.

Le Monde quoted an official of a nongovernmental organization (NGO) operating in North Korea as saying that two out of three French banks it had accounts with rejected remittances to the North.

Another NGO said that it sought to remit the monthly pay of an employee working in the North but was unable to after London-based Barclays Bank refused to send the money.

The daily added that one of China’s four leading trade banks halted money transfers with Pyongyang, explaining the development shows Beijing is growing tired of North Korea.

Le Monde projected that more Western and Chinese banks will stop money transfer services to the North.

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