While the discovery of North Korean slush funds in Chinese Bank accounts has created a furor, China is seemingly reluctant to curb these accounts.
The US and South Korea have uncovered a dozen bank accounts in China believed to belong North Korean leader Kim Jong-un. The bank accounts reportedly contain hundreds of millions of dollars worth of slush funds.
According to South Korean newspaper, Chosun Ilbo, several of the accounts were found in Shanghai, as well as other cities throughout China. The problem is, they aren’t part of the latest sanctions aginst North Korea.
Last Thursday, the UN Security Council voted to further cut off the flow of cash to North Korea for staging its third nuclear test in February. Despite urging from South Korea and the United States, the Chinese regime is unwilling to include these slush funds in the new sanctions.
A source in the South Korean government told Chosun Ilbo that China is “reluctant to touch North Korea’s real Achilles heel.”
According to the source, freezing these slush funds would effectively block further attempts at nuclearization and hurt North Korea.
At a press conference earlier today (March 12), Chinese representatives called for a resolution through dialogue. China’s Foreign Ministry Spokesperson said that sanctions are not the solution and that six-party talks should be renewed.