U.S. finds bank to break North Korea Impasse(disgusting capitulation;NK insisted on using U.S. bank)
World Peace Herald ^ | 05/11/07 | Nicholas Kralev
U.S. finds bank to break North Korea Impasse
By Nicholas Kralev | Published Yesterday | Peace and Conflict , North America , North Korea | Unrated
U.S. expects fund transfer in next few days
WASHINGTON — The Bush administration has found a U.S. bank willing to accept $25 million in North Korean funds, and officials hope the transfer — the final hurdle to the closure of the North’s main nuclear reactor — can take place in the next few days, The Washington Times has learned.
The resolution of the issue would end a weeks-long effort by U.S. officials to find a bank in any country that will agree to accept the money — which has been linked to illicit activities — in exchange for guarantees that it will not be penalized.
Lawyers at the State and Treasury departments are seeking the best way to allow the transfer without breaking U.S. law.
The money is currently deposited in 52 accounts at Macao’s Banco Delta Asia (BDA), which was designated by the Treasury Department in 2005 as a “primary money-laundering concern” under Section 311 of the Patriot Act.
U.S. officials did not identify the American bank, although they suggested that it is not one of the bigger and more recognizable institutions.
The highly unusual decision to let North Korean money labeled by the Treasury as “dirty” be deposited in a U.S. bank — entailing full access to the international financial system — was made by Secretary of State Condoleezza Rice and Treasury Secretary Henry M. Paulson Jr., officials said.
No official agreed to speak on the record because none was authorized to discuss the matter and no decision has been made to disclose the development publicly.
More at the link: http://www.freerepublic.com/focus/f-news/1832422/posts
Good morning, Bahbah!!
Been lurkin’ and swillin’ coffee and waiting for somebody to show up....
How’s things up in your neck of the woods??