Macau, China banks help North Korea cleanse money made in narcotics trade, counterfeit dollars

CNN (Reuters) ^ | September 8, 2005

[iddygents]

Report: U.S. probes Bank of China Scrutiny focuses on possible N. Korea fund-raising connection

Thursday, September 8, 2005 Posted: 0517 GMT (1317 HKT) Bank of China and two banks based in Macau are under U.S. scrutiny for possible connections to North Korea's illicit fund-raising network, which Washington believes finances Pyongyang's nuclear program, the Wall Street Journal reported on Thursday.

The banks, which could face stiff sanctions, are caught up in a U.S. operation to shut down lucrative North Korean enterprises producing narcotics, counterfeit U.S. currency and fake cigarettes, the newspaper said.

One of the Macau lenders, Banco Delta Asia SARL, is controlled by Stanley Au, a major player in the Hong Kong financial markets who is also a legislator in Macau and serves as an adviser to the Chinese government.

The other bank, Seng Heng Bank Ltd., is controlled by billionaire gambling mogul Stanley Ho, who started a casino in Pyongyang and has close ties to Pyongyang and Beijing.

Also worth reading N. Korea's Conduit for Crime Cash-Poor Pyongyang Uses Tiny Macau to Move Its Dirty Money

http://www2.gol.com/users/coynerhm/n_Korea_conduit_in_crime.htm

[iddygents]

Practically Macau's owner, Chinese mogul Stanley Ho is a buddy to Kim Jong Il and has been a supporter to the North Korean regime.

[EagleUSA]

Commies support Commies -- and the ChiComms are as corrupt as it gets. Any surprises?

[Nathan Zachary]

Fake cigarettes?

[Dark Wing]

ping

[angkor]

Throughout SE Asia, parents scare their misbehaved children by saying "I'm going to send you to Macau."

Macau has had a dirty and lawless rep for as long as I can remember.