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Seoul (AFP) Jul 24, 2006 The move was tantamount to an imposition of sanctions by Beijing on its long-time ally, Park Jin, a key member of the main opposition Grand National Party, told reporters. "I understand North Korea is even more frustrated because it regards the freezing of its accounts in China as virtual sanctions," he said. In Beijing, the Chinese government and banking officials refused to comment on Park's revelations. China is North Korea's closest ally and main backer as well as key broker in the six-party talks process aimed at ending the international standoff over Pyongyang's nuclear weapons drive. The South Korean lawmaker, who just returned from a trip to Washington, quoted former and current US officials as saying that China's move came at Washington's request last year. In September, the United States accused Macau-based Banco Delta Asia of helping Pyongyang launder earnings from counterfeiting US bank notes, and told US financial institutions to stop dealing with the bank. "The US Treasury Department froze North Korean accounts in BDA in September last year and at the same time launched an investigation into the Bank of China's branch in Macau," Park said. "During its investigation, the United States appeared to have discovered fake US (dollar) bills and asked the Bank of China to freeze North Korean accounts," he added -- a request that was granted. Park said that he had also heard that North Korea was suspected of counterfeiting Chinese currency as well as US dollars. "So China cannot but launch separate sanctions on counterfeiting and money laundering by North Korea," he said. "I understand cooperation is under way between the United States and China to stop North Korea's illegal activities." In October, the United States blacklisted eight North Korean companies allegedly involved in the spread of weapons of mass destruction. Officials in China declined to comment on Park's claims. "If we have an answer we will tell you, if we don't have an answer we won't tell you," a Bank of China spokesman told AFP. China's foreign ministry also declined to comment and an official with the international affairs department of the People's Bank of China, the country's central bank, had no information on the matter. Since September last year, North Korea has vehemently protested about US financial measures targetting the Macau bank but has never spoken publicly of the Chinese measures detailed by Park. Analysts pointed out that Beijing, seeking to protect its rising economic status in the world, would be keen to distance itself from any illicit financial activities by Pyongyang. In reprisal for the US action, Pyongyang has boycotted the six-party disarmament talks since November, amid rising international tensions over the issue. North Korea ratcheted up the pressure earlier this month when it defiantly launched a long-range missile reportedly capable of reaching the United States as well as several medium- and short-range rockets. The UN Security Council adopted sanctions in reply, further isolating the regime which, according to Park, fears that the US probe could dig deeper into its accounts in Austria, Russia, Singapore and Switzerland. The Bank of China is the mainland's second largest bank and recently listed in Hong Kong where it raised more than 11 billion dollars in one of the largest new share offers ever. It traditionally conducted foreign exchange business for Chinese groups and companies but has progressively expanded its range in recent years. Community Email This Article Comment On This Article Related Links
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