[AmericanInTokyo]

The government has illegally remitted dollars to North Korea that could have helped Pyongyang launder money since the inter-Korean Kaesong Industrial Complex in North Korea went into operation 18 months ago. According to Finance and Economy Ministry papers acquired by Grand National Party lawmaker Lee Kei-kyung on Wednesday, the government even revised laws to make dollar transactions to North Korea from South Korean companies operating there possible. South Korean firms at the complex pay their North Korean workers and contractors in U.S. dollars, and South Korea’s Woori Bank branch in the industrial park handles the business.

When a South Korean company pays its North Korean contractor, it deposits money in Korean won in the main branch of Woori Bank in Seoul. With the guarantee, the Kaesong Branch of the bank gives the contractor the money in U.S. dollars. The Finance Ministry took issue with the system on April 17, saying it was an expedient violating regulations on foreign currency transactions, and called for new exceptions to make the transaction legal.

In the documents, the ministry points out that anonymous dollar transactions could lead to trouble in tax collection, and be used as means for money laundering, customs evasion and payments for smuggling. They could also distort the international account balance, since they are not included in foreign exchange statistics, the ministry said. “To speak extremely, with the transaction method, the North can make a camouflage purchase of a South Korean company and use it as a channel for surreptitious remittances of illegal money from foreign countries,” Lee said.

(englishnews@chosun.com )

[AmericanInTokyo]

Ping

[AmericanInTokyo]

This bank operates 14 branches here in the United States:

Broadway Branch-New York Branch Broadway Branch Address 1250 Broadway New York, NY 10001 212) 244-1500 / FAX : 212) 695-5593 Flushing Branch-New York Branch Flushing Branch Address 136-88 39th Avenue Flushing, NY 11354 718) 886-1988 / FAX : 718) 461-4323 Woodside Branch-New York Branch Woodside Branch Address 43-22 50th Street Woodside, NY 11377 718) 429-1900 / FAX : 718) 429-2087 Bayside Branch-New York Branch Bayside Branch Address 215-10 Northern Blvd. Bayside, NY 11361 718) 224-3800 / FAX : 718) 224-3828 Fort Lee Branch-New Jersey Branch Fort Lee Branch Address 2053 Lemoine Avenue Fort Lee, NJ 07024 201) 363-9300 / FAX : 201) 363-0900 Main Street Branch-New Jersey Branch Main Street Branch Address 183 Main Street Fort Lee, NJ 07024 201) 947-6666 / FAX : 201) 947-3226 Ridgefield Branch-New Jersey Branch Ridgefield Branch Address 321 Broad Ave. #104 Ridgefield, NJ 07657 201) 941-9999 / FAX : 201) 941-4419 Palisades Park Branch-New Jersey Branch Palisades Park Branch Address 225 Broad Ave. Palisades Park, NJ 07650 201) 346-0055 / FAX : 201) 346-0075 Closter Branch-New Jersey Branch Closter Branch Address 234 Closter Dock Road Closter, NJ 07624 201) 784-7012 / FAX : 201) 784-7013 Cheltenham Branch-Pennsylvania Branch Cheltenham Branch Address 7400 Front Street Cheltenham, PA 19012 215) 782-2015 / FAX : 215) 782-8907 Elkins Park Branch-Pennsylvania Branch Elkins Park Branch Address 7300 Old York Rd Elkins Park, PA 19027 215) 782-1100 / FAX : 215) 782-1500 Annandale Branch-Virginia Branch Annandale Branch Address Seoul Plaza 4231 Markham St Annandale, VA 22003 703) 256-7633 / FAX : 703) 256-7511 Wheaton Branch-Maryland Branch Wheaton Branch Address 11925 Georgia Ave. Wheaton, MD 20902 (Wheaton Park Shopping Center) 301) 933-1175 / FAX : 301) 933-1560 Wilshire Branch-California Branch Wilshire Branch Address 3540 Wilshire Blvd. Los Angeles, CA 90010 213) 382-8700 / FAX : 213) 382-8787 CA LPO(Loan Production Office)-California Branch CA LPO (Loan Production Office) Address 3530 Wilshire Blvd.Suite 1180, Los Angeles, CA 90010 213) 427-3000 / FAX : 213) 427-9112

[AmericanInTokyo]

I seem to recall efforts by the US to go after any banks in the world that do underhanded business with the North Korean regime. And yet, one of them, is operating out in the open in the USA.

I wonder if it is State Department, Treasury, DHS, or whomever, who would get involved in this??

[oldbrowser]

Not to mention the counterfeiting.