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Banco Delta Asia to Challenge U.S. Ban
A bank in Macao called Banco Delta Asia (member of Delta Asia Group) is resolved to challenge the U.S. ban on cooperation with American financial institutions imposed because of alleged ties with North Korea. Delta Asia Group Ltd. Chairman Stanley Au denied any knowledge of money laundering by North Korea.
According to Stanley Au, they stopped servicing clients from North Korea in 2005, as soon as the United States suspected the bank of being involved in illegal transactions. “We are not prepared to resume activity with them [North Korea] for the future,” Au said as quoted by Associated Press.
On March 14, the Bush administration faulted the bank of Macao for illegal operations carried out on behalf of North Korea and advised the U.S. banks to avoid cooperating with Banco Delta Asia.
The issue related to freezing North Korean deposits with the Bank of Macau has been settled, U.S. Assistant Secretary of State Christopher Hill said some time earlier without giving specifics. Hill leads the U.S. negotiators at talks on North Korean’s nuclear program.
Another round of six-nation negotiations on North Korea is slated to begin March 19, 2007.
www.kommersant.com
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