Kim Jong Il’s Bank Accounts Moved to Luxembourg

Just as his Asian deposits have fled Macau for China, his European assets have moved from Switzerland to Luxembourg, according to this:

TOKYO (Yonhap) — North Korean leader Kim Jong-il switched a number of his secret bank accounts from Switzerland to Luxembourg several years ago, a news report said Tuesday.

Luxembourg is a NATO member over which the United States should be able to exert far more influence than over Switzerland.

North Korean officials, who have managed Kim’s money in Switzerland, were confirmed as having visited Luxembourg several times, the Japanese news weekly AERA reported in its latest edition, citing former unnamed intelligence officials in South Korea.

Kim owns a substantial percentage of the money, which is believed to be revenue from the sale of missiles and counterfeit U.S. dollars, the report said.

The money is distributed worldwide and managed by locally established insurance companies, but controlled by the head office of North Korea’s National Defense Commission, Kim’s main office, the report said.