Free Republic

BDA: Hill?s Tactical Miscalculation By Tong Kim It is now clear what the confusion was all about in Beijing last week, concerning the technicalities involved in transferring the freed North Korean funds of $25 million from the Banco Delta Asia (BDA) in Macau to an account held by North Korea in the Bank of China (BOC) in Beijing, or transferring them through BOC to a bank account in a third country. No party in the talks seemed to have expected the money transfer issue would hold up the serious talks of nuclear dismantlement. No diplomat at the talks seemed to...

US Dispatches Treasury Official To Unfreeze N. Korea Funds (RTTNews) - The Bush administration in a desperate move to resuscitate the six-nation talks on dismantling N Korea's nuclear program, has said that it was dispatching a Treasury Department official to Beijing to help authorities accelerate the release of $25 million in frozen North Korea funds. Daniel Glaser, deputy assistant secretary for terrorist financing and financial crimes, will head a delegation to China on Saturday to coordinate with authorities in Macau and China dealing with the frozen money held at Banco Delta Asia, a bank in the Chinese territory of Macau.

N. Korea nuclear talks break down POSTED: 4:08 a.m. EDT, March 22, 2007 BEIJING, China (AP) -- Talks on disarming North Korea's nuclear program broke down abruptly on Thursday with the country's chief nuclear envoy departing for home after a dispute over money frozen in a Macau bank could not be resolved. Kim Kye Gwan went to Beijing's airport after refusing to take part in six-party talks on ways to push forward a February agreement calling for North Korea to give up its nuclear program in return for energy aid and political considerations. Kim waved to reporters when he arrived...

Rice helped unfreeze N Korean funds By Demetri Sevastopulo in Washington and Andrew Yeh in Beijing Published: March 21 2007 22:13 | Last updated: March 22 2007 00:48 Condoleezza Rice, US secretary of state, orchestrated a significant shift in US policy towards North Korea by persuading the US Treasury to agree to Pyongyang’s demands to release $25m frozen in a Macao bank since 2005. Current and former officials say Christopher Hill, the chief US negotiator on North Korea, convinced Ms Rice that the US should sacrifice the issue of the frozen funds to push forward the broader goal of implementing...

U.S. bemoans lost chance at North Korea talks By Lindsay Beck and Jack Kim 1 hour, 8 minutes ago Talks aimed at ending North Korea's nuclear threat languished on Wednesday as Pyongyang waited to receive freed funds, prompting delegates to warn that the chance to press forward a disarmament plan was being lost. The three-day session that began on Monday was meant to focus on steering forward a February 13 deal which called on North Korea to shut its main nuclear reactor and accept other disarmament steps in 60 days in return for economic aid and security assurances. But impoverished...

U.S., North Korea resolve bank dispute By CHRISTOPHER BODEEN, Associated Press Writer Mon Mar 19, 10:57 AM ET The United States and North Korea have resolved a dispute over $25 million in frozen North Korean funds, clearing the way for progress in dismantling the North's nuclear programs, U.S. officials said Monday. The U.S. nuclear envoy, Christopher Hill, said six-party talks, which resumed Monday, could now "move on to the next problem, of which there are many." Meanwhile, North Korea questioned Japan's qualifications to participate in the talks, ratcheting up recent tensions between the two sides. U.S. Deputy Assistant Treasury Secretary...

BDA denies wrongdoing on N Korean funds By FT reporters Fri Mar 16, 1:35 AM ET Banco Delta Asia, the Macao bank accused by the US of laundering money for North Korea, on Friday denied any wrongdoing over handling Pyongyang's funds and vowed to regain management control from the government. The US Treasury on Wednesday banned American banks from dealing with BDA, saying it had found evidence that the bank had turned a "blind eye" to illicit activity by North Korea. "The money is still in the bank", Stanley Au, chairman of BDA, said at a press conference, referring to...

2007/03/17 11:59 KST (3rd LD) Nuclear shutdown 'impossible' without complete lifting of sanctions: N.K. envoy By Byun Duk-kun BEIJING, March 17 (Yonhap) -- North Korea will not shut down its nuclear facilities despite agreeing to do so last month until the United States unfreezes all of its funds held at a Macau bank, the communist state's top nuclear negotiator said Saturday. "If the United States does not remove all of its restrictions on our funds at Banco Delta Asia (BDA), we cannot shut down our nuclear facilities at Yongbyon," Kim Kye-gwan told reporters upon arrival here. Under a nuclear deal...

March 14, 2007 HP-315 Treasury Finalizes Rule Against Banco Delta Asia BDA Cut Off From U.S. Financial System The U.S. Department of the Treasury today finalized its rule against Banco Delta Asia SARL (BDA) under Section 311 of the USA PATRIOT Act. When the final rule takes effect in 30 days, U.S. financial institutions will be prohibited from opening or maintaining correspondent accounts for or on behalf of BDA. This action bars BDA from accessing the U.S. financial system, either directly or indirectly. "Our investigation of BDA confirmed the bank's willingness to turn a blind eye to illicit activity, notably...

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...

/begin my translation N. Korea: Kim Jong-nam May Have Turned up in Macau -- Japanese Media (Tokyo = Yonhap news) Shin Jihong = A man who is possibly Kim Jong-nam, the eldest son of N. Korean leader Kim Jong-il, had turned up in Macau on Jan. 30, according to Japanese media on Jan. 31, quoting diplomatic sources The sources pointed out the possibility that his trip to Macau could be related to U.S.-N. Korea meeting on (N. Korean) finance which had started on the same day in Beijing, while N. Korean accounts totaling $24 million at a Macau bank, Banco...

US Wants to Block All of N. Korea's Financial Deals By Park Song-wu Staff Reporter A ranking U.S. official said in New York on Monday that the international community should ensure that all rogue states’ financial activities are stopped, whether they are ``seemingly legitimate or illicit.’’ Stuart Levey, the U.S. Treasury Department’s undersecretary for terrorism and financial intelligence, said that financial institutions must implement effective programs, including targeted financial sanctions, to combat threats from terrorist groups and proliferators of weapons of mass destruction such as North Korea. His remarks came as the six-party talks on Pyongyang’s nuclear programs set to...

Macao bank admits N Korea gold deals By Zach Coleman and Justine Lau in Hong Kong Published: December 10 2006 22:07 | Last updated: December 10 2006 22:07 A small Macao bank at the centre of a stand-off between North Korea and the US has said it played a bigger role in sustaining the secretive communist regime than previously admitted. North Korea has for a year held back from six-way talks on its nuclear programme in protest at the US Treasury Department’s labelling of Banco Delta Asia as a “primary money laundering concern.” About $25m in North Korea-linked accounts at...

China unfreezes some N. Korean accounts in Macau bank: source BEIJING, Nov. 20 (Yonhap) -- China has unfrozen some accounts of North Korea in a Macau bank which has been suspected of involvement in money laundering for Pyongyang, a diplomatic source said Monday.

Moonbats are alive and well in Kenmore Square By Howie Carr Boston Herald Columnist Wednesday, September 27, 2006 Boston City Councilor Jerry McDermott, meet Moonbat Nation. All it takes is a press release saying that maybe the huge flashing sign in Kenmore Square advertising the Hugo Chavez-controlled CITGO oil company should be replaced by a giant American flag. Just send out that one little press release, and all of a sudden, you’re a tool of Halliburton, a capitalist-roader, a veritable . . . Chris Wallace. One night, you’re sipping a cold one at The Stockyard. The next, hundreds - thousands...

March 10, 2006 U.S. Squeezes North Korea's Money Flow By JOEL BRINKLEY WASHINGTON, March 9 — Six months after the Bush administration blacklisted a bank in Macao accused of laundering money for the North Korean government, senior administration officials say the action has proved to be far more effective than anyone had dreamed. Banks around the world are limiting their dealings with North Korea, and the nation's leadership is complaining with a vigor unusual even for that government. "It really struck a nerve," a senior administration official said with a smile. It also has given new energy to those in...

Macau bank drops N Korean clients A Macau bank accused by the US of laundering money for North Korea has agreed to dissolve all links with the communist state. The US Treasury said Banco Delta Asia had acted as a "willing pawn" for North Korea to channel money through Macau. Macau's authorities took control of the bank last year after the fraud claims led to a run on its deposits. Officials said the bank would end ties with North Korean clients and tighten its anti-money laundering procedures. US pressure The US and North Korea are in dispute over the latter's...