Daniel Glaser, Deputy Assistant Secretary for Terrorist Financing and Financial Crimes at the US Treasury, has led a Treasury delegation to Beijing, China to offer assistance to the Macanese and Chinese authorities in addressing the issue of North Korean-related funds frozen at Banco Delta Asia (BDA).
"The policy and diplomatic issues have been solved – this is now down to implementation," Glaser commented.
"The Macanese and Chinese have made clear that they want to ensure implementation of the agreement is consistent with their own laws and with their international obligations. We are bringing Treasury expertise to help the Macanese and Chinese wade through some of these implementation issues," he added.
Earlier in the month, the US Treasury issued a rule which prevented BDA from transacting with the US financial system after uncovering evidence that the bank "turned a blind eye" to illicit activity, notably by its North Korean-related clients.
According to the US Treasury, in exchange for a fee, the bank provided its North Korean clients access to the banking system with little oversight or control.
In September 2005, the Treasury's Financial Crimes Enforcement Network (FinCEN) found BDA to be of "primary money laundering concern."
"Banco Delta Asia's grossly inadequate due diligence and systematic facilitation of deceptive financial practices have run too deep for the bank to be allowed access to the US financial system," said Stuart Levey, Treasury's Under Secretary for Terrorism and Financial Intelligence (TFI).
According to the Treasury, abuses at the bank included the facilitation of financial transactions related to illicit activities, including North Korea's trade in counterfeit US currency, counterfeit cigarettes, and narcotics. In addition, several front companies may have laundered hundreds of millions of dollars in cash through the bank.
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