Posted on 05/18/2007 12:47:14 AM PDT by TigerLikesRooster
Wachovia bank considers NKorea cash transfer
Thu May 17, 3:51 PM ET
The US-based Wachovia bank said Thursday it was considering a State Department request to oversee the transfer of frozen funds back to North Korea.
The move, if approved, could resolve a long-running financial dispute over 25 million dollars in reportedly tainted funds frozen in an Asian bank that has blocked progress on North Korea's pledge to start shutting down its nuclear program.
"Because of our international expertise, we have been asked, on a non-profit basis, by the US State Department to help them process an interbank transfer of funds held at other banks, which are the subject of negotiations with North Korea," Christy Phillips-Brown, spokeswoman for Wachovia Corporation, said in a statement to AFP.
"We have agreed to consider this request and our discussions with various government officials are continuing," she said.
Wachovia is headquartered in the southeastern state of North Carolina.
The funds were frozen in a Macau bank, Banco Delta Asia (BDA), at US instigation in September 2005 on suspicion they were the proceeds of money-laundering and counterfeiting.
North Korea cited the BDA dispute as a reason to boycott the six-nation talks for more than a year, during which it tested an atomic bomb.
In an attempt to move the nuclear talks forward, Washington announced in March that the funds had been unfrozen. But foreign banks have since been unwilling to handle cash seen as tainted.
Wachovia did not say how any transfer would be handled.
"We take any request for assistance from our government seriously and endeavor to cooperate whenever possible," Phillips-Brown said.
The bank would not agree to any request "without appropriate approvals from our regulators," she said.
North Korea's foreign ministry this week promised to start shutting down atomic plants under UN supervision as soon as the funds are transferred under a February 2007 accord reached at the six-nation talks.
E-mail: https://www.wachovia.com/contact/form
My means of protest will be the withdrawal of almost all of my funds held on deposit at Wachovia. Not much, but it still counts.
Ok-If they want tainted cash from corrupt dealings,then taint it for real(with anthrax!) then give it to them.
Does this mean that in order to remain a FReeper in good standing, I have to refuse my pension checks?
For some reason......I just don’t see that happenin’.
At least you can complain.
I knew there had to be a reason they pronounce it “Walk-over-ya” instead of “Watch-over-ya”.
It’s not the bank that’s the problem. It’s the government. If the bank says “no,” you can be certain that Uncle Sam will find someone else to do it.
“But foreign banks have since been unwilling to handle cash seen as tainted.”
So maybe that should have been a message to Washington?
Bolton said this was a bad idea and wasn’t going to result in what we wanted and I agree.
The original Wachovia was one of the most stable, conservatively run and respected finanical institutions in the country. First Union bought it for their good name, because their own had become somewhat disreputable. I see who is in charge, old First Union people. They don’t deserve the name, which comes from an estate, der Wachau, of a man who took in persecuted religious refugees, Moravians. These Moravians walked from Pennsylvania to their tract of land in northwesteren North Carolina in 1752, and upon arrival immediately had a love feast and thanked God for providing them with a place of refuge again. The Wachovia tract is a long way from Charlotte, and the name is a long way from the practices of the bank that now bears it. Baker should be ashamed, but at least he was well compensated. Isn’t that always the case?
I don’t see any problem. We give the Koreans their money and they shut down a reactor. What’s so bad about that?
I don’t think you be booted it Tiger
It is legit complaint I urge all bank account holders of this banks reconsider their put their money at
The transfer of a mere pittance of $25 million to North Korea is of no consequence here, and might actually help in the stalled nuclear negotiations with the U.S. But, how can we begin to believe, that they will discontinue, and shut down one of their reactors for a day, even? Why should we believe them now, when the IAEA has had problems with verification, or to whom they are selling this nuclear expertise to?
$25 million is a very small amount of money, as compared to what other (exorbitant) amounts of international monetary allowances the US GIVES to other nations. I feel, that North Korea, is just using this transfer (again, of such a small amount of money) situation, just as an excuse to back down [and save face] from whatever the international community has recently demanded they do, and they will get something in return for doing so.
But, then again, how can they be trusted to even shut down ONE reactor for a day? Is this saving face (under the cover of extortion)?
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