FROM A
DIFFERENT ANGLE by Kenneth Rijock
Financial Crime Consultant, for World-Check
Did North Korea demand that tainted funds be moved through a major US bank?
26 May 2007

There are persistent rumours that one of reasons that a major stumbling block in settling the nuclear dispute between the US and the Democatic Peoples Republic of Korea, North Korea, is the DPRK demand that its frozen $25m, presently sitting in Banco Delta Asia accounts, be released through to it through a United States bank. In fact, the reports are that one of America's largest banks has been approached to actually funnel the money through its accounts. The theory is that this event will demonstrate to the global banking community that it is safe once again to bank North Korean funds.

There is no information as to how the US bank has responded to the request, and whether it came from the US Treasury, or State Department, each of whom has taken a slightly different position with regard to the settlement of the North Korean funds issue, which should supposedly result in the closing of the DPRK nuclear weapons programme.

Is not the movement of tainted funds through an American bank to give them a sense of legitimacy technically money laundering? I know that the US is desperate to get the DPRK to shut down its weapons of mass destruction manufacturing programme, but this should not be done at the expense of one of our largest financial institutions.

If the North Korean BDA money was the proceeds of crime, it is not the job of the US banking community to clean it up in the eyes of the world. This sends the wrong message to the financial world, that the United States will ignore the AML laws for political expediency.

Let the US State Department find another way to  assist North Korea, who still prints and distributes the "super note," a superior counterfeit US $100 bill. Why do we not force it to close that illicit printing facility, and deliver to us the printing plates for those illegal notes?

The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.

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