Energy News  
Chinese bank freezes NKorean accounts: SKorean lawmaker

by Lim Chang-Won
Seoul (AFP) Jul 24, 2006
ATTENTION -reax, background /// The Bank of China has frozen North Korean accounts in response to a US-led crackdown on Pyongyang's alleged illegal financial activities, a South Korean legislator said Monday.

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



Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News


Pakistan building powerful nuclear reactor: press
Washington (AFP) Jul 24, 2006
Pakistan is building a powerful new nuclear reactor for producing plutonium, The Washington Post reported Monday, citing independent analysts.







  • Fuel Cells, A Neglected Clean Source Of Energy
  • European retirees creating a boom market for Thai property
  • Exiled Tibetan government warns against increased mining
  • Greenland Begins Sale Of Oil Concessions

  • US-India Nuke Deal Revisited
  • Environmentalists Arrested In Russia After Anti-Nuclear Protest
  • US May Ask Russian Help With Nuke Waste
  • IAEA Chief Cautions Turkey Over Nuclear Energy Plans

  • California's Model Skies
  • ESA Picks SSTL To Develop Atmospheric CO2 Detector
  • Faster Atmospheric Warming In Subtropics Pushes Jet Streams Toward Poles
  • Atmospheric Warming Expanding The Tropics

  • Malaysia And Indonesia Join Forces To Dampen Haze Problem
  • Fires Rage In Indonesian Borneo And Sumatra
  • WWF Warns Over Pulp Giant In Indonesia
  • World Bank Vows To Improve Forestry Program In Cambodia

  • Smog Damage To Crops Costing Billions
  • WWF Reports That Bluefin Tuna Fishery Threatened In East Atlantic
  • Reducing The Global Need For Nitrogen Fertilizers
  • Food-Crop Yields In Future Greenhouse-Gas Conditions Lower Than Expected

  • Toyota To Expand Hybrid Car Range In US
  • Ford First To Offer Clean-Burning Hydrogen Vehicles
  • Smart Cars To Rule The Roads
  • Nano Replacement For Petroleum

  • Boeing Puts Aircraft Market At 2.6 Trillion Dollars
  • Innovative Solutions Make Transportation Systems Safer Secure and Efficient
  • Joint Strike Fighter Is Not Flawed Finds Australian Government
  • Globemaster Airdrops Falcon Small Launch Vehicle

  • Could NASA Get To Pluto Faster? Space Expert Says Yes - By Thinking Nuclear
  • NASA plans to send new robot to Jupiter
  • Los Alamos Hopes To Lead New Era Of Nuclear Space Tranportion With Jovian Mission
  • Boeing Selects Leader for Nuclear Space Systems Program

  • The content herein, unless otherwise known to be public domain, are Copyright 1995-2006 - SpaceDaily.AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA PortalReports are copyright European Space Agency. All NASA sourced material is public domain. Additionalcopyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement