Posted on 03/13/2007 6:31:26 PM PDT by TigerLikesRooster
Macau may liquidate NKorea-linked bank: report
Tue Mar 13, 2:09 AM ET
Authorities in Macau could liquidate a bank accused of illicit dealings with North Korea if the United States designates it as a financial institution that laundered money, a report here said.
Liquidation would mean that Pyongyang could recover some or all of the 24 million dollars it had at Banco Delta Asia (BDA), the Yonhap news agency quoted an unidentified South Korean official as saying.
The United States blacklisted BDA in September 2005, accusing the bank in the former Portuguese enclave of serving as a front for the North's illegal financial activities.
As part of a six-nation deal reached last month on ending North Korea's nuclear programme, Washington launched talks with Pyongyang on eventually ending the sanctions that led to a freeze on the North Korean funds in Macau.
The US Treasury Department is expected to announce the outcome of its investigation into BDA later this week, the Yonhap report said.
"I believe the owner of BDA would have to take responsibility for what he or she may be found responsible for, based on the outcome of the investigation," the official was quoted as saying.
"I think (the issue of) how much money will be released to North Korea is now in the hands of the Macau government."
Two weeks ago, US officials said they had wound up the probe after meetings with authorities in Macau, but refused to say what would happen to the money.
Daniel Glaser, a Treasury Department official, told reporters in Hong Kong that "everything that we have seen throughout this investigation has confirmed and reinforced the concerns we initially expressed in September 2005."
To me, this could be a message more directed toward banks dealing with Iran.
Ping!
Will not hurt Kim; just cause more of his “beloved” people to starve to death.
either way, works for me.
OH Chia Pet going be roaney LMAO
The amazing part of this story is that $24 million seems to be a bid deal to North Korea.
$24 million is less than some NBA players make a year.
bid deal = big deal
Well, in North Korea a dollar could buy you...well, a year's supply of dirt.
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