WORLD / Asia-Pacific
US 'encouraged' N.Korea dealings - Macao bank
(Bloomberg)
Updated: 2007-05-09 13:49
Banco Delta Asia SARL, which is challenging a US ruling barring banks
from doing business with the Macau lender because of its ties to North
Korea, said the US encouraged its dealings with North Korea.
Stanley Au, chairman of the lender's parent, Delta Asia Financial Group,
said in a statement that he met with US government officials in 1994
after reporting that a North Korean client deposited counterfeit US
dollars.
The officials "said that they would like us to continue to deal with
them, as it was better that we conducted this business rather than
another financial entity that may not be so cooperative with the United
States," Au said in the statement, released by law firm Jones Day.
Delta Asia Financial filed a petition contesting the US Treasury
Department ruling, saying there is no evidence it let North Korea launder
money. The bank holds $25 million in previously frozen North Korea funds
that the country demanded be released before implementing an agreement to
shut its nuclear reactor. Talks on transferring the funds are under way.
"We are reviewing the petition that has been submitted," US Treasury
spokeswoman Molly Millerwise said. "Our designation of BDA was based on a
lengthy process and strong administrative record, and we continue to
stand by our action."
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