February 16, 2006
Banco Delta Sanctions ‘Severe Blow’ to NK Economy
The Chosun Ilbo, relaying an AWSJ story, reports that the Treasury Department’s action against the Macau-based bank “dealt a severe blow to the secretive country,” “dried up its financial system,” and “brought foreign trade virtually to an end.” In December, I noted reports that North Korean front companies and spies were fleeing Macau en masse. According to today’s story, Banco Delta has now announced that it’s ending its financial ties with North Korea in an effort to prevent a run...