Posted on 05/12/2007 3:47:49 AM PDT by TigerLikesRooster
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
By Nicholas Kralev
The Washington Times
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.
Miss Rice's purpose, they said, was to remove what Pyongyang says is the only remaining obstacle to shutting down its Yongbyon nuclear complex, as agreed on Feb. 13 in six-party talks in Beijing. Mr. Paulson is said to have agreed with Miss Rice because he does not want to risk his good relations with Chinese officials.
"I think we are getting to the point where we know how this is going to be solved," Christopher R. Hill, the top U.S. negotiator with the North, said yesterday in a speech to the Pittsburgh World Affairs Council.
"Currently, what we are doing is to assist in ways that we can to allow the North Koreans to put those accounts into another bank, where they can make use of those accounts."
Mr. Hill avoided mention of any particular bank, but predicted that the issue will be resolved "in the very near future."
"This time, I think we really do have something," he said
Ping!
Kim Jong Il counterfeits US currency and then demands that a US bank accept it. In order for any bank to take it, I’m sure good old Uncle Sap is standing good for the value of this funny money...which means we tax drones, of course. This is a new low in bending over for this Communist dwarf. Rice and Paulson ought to be called to account for this humiliation.
As soon as it hits US shores its gonna be FDIC insured. The bank doesn’t lose a penny when it all comes up counterfeit (and I’m almost sure it will), they’ll get it all back from taxpayer dollars!
These are assets, electronically managed like every other bank account, frozen administratively based on US policy toward rogue states. The money might well have come in part from sale of counterfeit money (or drugs, weapons, etc.) but there are no bogus bills sitting in a bank with NK's name on them just waiting to be spent.
They were frozen because they were the fruits of illicit activities.
What I want to know is what this administration thinks it is going to do when, not if, Kim thumbs his nose at the agreement once the funds are released.
Ok, now the DPRK will follow through on ALL its committments EXTREME sarc.
Where’s Scotia Bank when ya need ‘em?
Is this Condi Rice sunshine deal that going crazyyyyy Tiger
I hope noone seriously believes that NK will really shutdown
the reactor in question (Yongbyon).
Did the US offer a peace treaty to N Kor day before yesterday?
“Let’s hear it from Condi for President crowd. They are such Master Negotiators, especially Chrissy Hill. after this great success they are ready to grant Kosovo to Prince Osama....friggin’ Bush State Dept is maybe worst than Clinton’s.p>”
It is the same State Department and they are the 24/7 Crap Channel... All Crap all the time..
W
FDIC insurance only covers $100,000 per depositor or 1/250 (0.4%) of the transfer from Banco Delta Asia in Macau. We’re probably keeping very good watch over the activities related to this account and any persons associated with it. If the little tyrant doesn’t comply with our wishes, demands, and desires, then we can freeze his accounts and quite possibly use some obscure section of the Internal Revenue Code to confiscate them. This deal therefore gives us more leverage over the Democratic People’s Republic of North Korea and therefore should be stealthily quite good for us.
FDIC will insure 25 million ?
nevermind...I should have read further
I did not know that. So what you’re saying is that we ain’t as stupid as we look?
I’m not saying that we’re not stupid; the State Department isn’t particularly well-known for its cunning strategies to expose and dethrone dictators largely because they largely don’t exist. But I am positing that the potential for much benefit from this arrangement does exist, whether through exercising control over their assets or monitoring their transactions and thereby detecting their operatives.
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