Three Chinese banks have been found in contempt for refusing to comply with subpoenas in a probe into North Korean sanctions violations.<br />It means, for the very first time, one of China's largest banks could be prohibited from accessing the U.S. financial system.<br />This according to the Washington Post on Monday.<br />While not identified,... the daily concluded based on court rulings that the banks were China's state-owned Bank of Communications, China Merchants Bank and Shanghai Pudong Development Bank.<br />The report said the situation is most precarious for the latter of the three.<br />All of them are accused of laundering over one-hundred million U.S. dollars for the North's state-run Foreign Trade Bank, which is under international sanctions.<br />
