Three Chinese banks about to lose USD licence, which means that they will not be able to conduct operations in dollars and therefore limited to enter into exchange, international commerce and even maybe loose credit cards as a product.
What many call the dead penalty for a bank is loosing the USD licence which allow them to conduct operations in that currency.
In 2017 three major Chinese banks were accused of cooperating with the. Roth Korean regime in violation of sanctions applicable.
As part of the investigations banks received a number of subpoena request to which they are long overdue for answering.
It has been reported that such banks can be Communications Bank (state owned), China merchants bank and Shanghai Pudong development bank.
Following reports those bank aided in laundering more than $100 million for the North Korean regime.
The contempt ruling may have immediate impact on diplomatic relationships and is an unprecedented action against Chinese institutions.
