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Article: (LEAD) Macau-based Chinese bank named money launderer for North Korea.
- Article from:
- YON - Yonhap News Agency of Korea
- Article date:
- September 15, 2005
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By Lee Dong-minWASHINGTON, Sept. 15 (Yonhap) -- The US Treasury Department took actions against a Macau-licensed bank on Thursday, calling it a key money laundering "pawn" for North Korea. Banco Delta Asia SARL, located and licensed in Macau, a special administrative region of China, was designated a "primary money laundering concern."
It has been servicing North Korea for more than 20 years, handling the bulk of North Korea's precious metal sales and helping North Korean agents "conduct surreptitious, multimillion-dollar cash deposits and withdrawals," the department said.The bank's special relationship with Pyongyang has specifically facilitated the ...