Asked whether he knew about the Bank of China's reported actions, White House spokesman Tony Snow replied: "Yes. It has to do with counterfeiting."

"We think it's a dangerous thing to be counterfeiting currency and using that as a way to engage in drug trade, or arms trade. And we're encouraged by the fact that the Chinese government has taken affirmative steps -- the Chinese bank has," he told reporters.

According to South Korean legislator Park Jin, the Bank of China has frozen North Korean accounts in response to a US-led crackdown on Pyongyang's alleged illegal financial activities.

The move was tantamount to China's imposition of sanctions on its long-time ally, Park, a key member of the main opposition Grand National Party told reporters.

"I understand North Korea is even more frustrated because it regards the freezing of its accounts in China as virtual sanctions," he said in an interview with the Munhwa newspaper that was published Monday.

Snow noted that North Korea had refused to return to six-country talks with South Korea, the United States, Russia, China, and Japan because of a US-led crackdown on charges of counterfeiting.

And he suggested that China and South Korea had "accepted some responsibility for the situation" with North Korea by taking stronger steps to pressure the Stalinist regime.

"You've seen both countries starting to assert pressure on the government in Pyongyang because they want them to return" to the negotiations, said the spokesman.

"They've got a real strong, vested interest in making sure the government of North Korea returns to the table so that they can start dealing with outstanding nuclear issues," said Snow.

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