Search Results for: Treasury bank

July 28, 2006

Kim Jong Il, Unplugged

“You can get a lot farther with a kind word and a gun than a kind word alone.” — Al Capone In an interview with Radio Free Asia (Korean only), Raphael Perl of the Congressional Research Service suggests exactly what I suspected about polite requests from U.S. Treasury Undersecretary Stuart Levey to crack down on North Korean money laundering — the polite requests are backed by some powerful veiled threats: One option available to the US government, although this is...

Categories Counterfeiting/NK Economics/Six-Party Talks/Washington Views
July 27, 2006

Now What? Part 4: Someone Didn’t Get the Memo

[Several very interesting updates here; scroll down.] Recently, it has often seemed that different parts of South Korea have been applying different policies to the same issue. Take South Korea’s response to the new U.N. Security Council Resolution 1695, which requires countries and companies to exercise “vigilance” in making sure they don’t supply North Korea with the components or funds to build more missiles. UniFiction Minister Lee Jong-Seok has opted for a “don’t ask, don’t tell” interpretation of that resolution,...

Categories Appeasement/NK Economics/U.S. & Korea/WMD
July 25, 2006

Let Them Make Won!

Update: Gee, how curious. Police recovered a briefcase containing a hoard of probably forged United States Treasury bonds worth $500 million during the investigation of a local theft, Seoul’s Gwanak Police Station announced. Police said they are looking into the possible involvement of international crime networks. ===================================== With Seoul questioning why the United States is making such a big deal out of North Korea’s counterfeiting of its currency and saying it “will take no further steps” against it, the Chosun...

Categories Appeasement/Counterfeiting/U.S. & Korea
July 24, 2006

Now What? Part 3: Dave, What Are You Doing?

Update: The BOC account played a role in the 2000 summit scandal, according to the Chosun Ilbo. What skill it must take to step in it this hard: SEOUL, July 24 (Yonhap) — North Korea is suspected of having printed fake Chinese currency, which prompted the Bank of China (BOC) to freeze all of its North Korean accounts in an apparent retaliation, a South Korean legislator asserted on Monday. Quoting a number of unidentified U.S. officials, Rep. Park Jin of...

Categories China/China & Korea/Counterfeiting/NK Economics/Six-Party Talks
July 24, 2006

On Again

Update 7/25: Off again. How do you say “stall” in Korean? The North Koreans now say they’re returning to the six-party talks. Let’s hope the Bush Administration doesn’t call off Stuart Levy. I suspect his variety of communication has been much more effective than Nicholas Burns’s. Odd, isn’t it, that all of that alleged Chinese pressure and dearly purchased South Korean influence couldn’t bring them back to the table for so many months? Yet when a U.S. Treasury official flies...

Categories Diplomacy/Drugs & N Korea/Six-Party Talks
July 22, 2006

Now What? Part 2

Right after North Korea launched its round of missiles, I outlined a series of options, mostly financial, that the U.S. and other countries could take in response. Two weeks later, several aspects of that forecast are holding up well. What looked at first like another U.N. farce, then a modestly successful sanctions effort (by U.N. standards, anyway), now looks to be an important and hard-won component of a coordinated effort to tighten the squeeze on the regime-sustaining half of North...

Categories Appeasement/Counterfeiting/NK Economics/U.S. & Korea/WMD
July 4, 2006

Now What?

North Korea’s missile test opens up new options for the United States. Here is a list of them. [Scroll down for updates.] It too easy to say, as many will in the coming days, that there is little that the United States and other nations can do to North Korea diplomatically or economically now that it has done the unthinkably stupid and launched its (taepo)dong and (count ’em!) five smaller missiles [Update: make that six]. Let me express my respectful...

Categories Counterfeiting/Diplomacy/Drugs & N Korea/Geopolitics/NK Economics/U.S. Law/WMD
April 7, 2006

Diplomacy Update

You know that the six-party goat rodeo is in real trouble when South Korea’s Minister of UniFiction gives the North “unusually caustic advice”, and when China starts to lose interest in stalling: What is more troubling is that China does not appear to be as enthusiastic as before about bringing North Korea to the negotiating table. Instead, China is reportedly becoming reluctant to share information with South Korea, which Seoul says is vital in putting common pressure on North Korea...

Categories NK Economics/Six-Party Talks
April 5, 2006

The Other Nuclear Option

Much info on the economic front of late, including some initial, sketchy evidence to back U.S. claims that the sanctions are biting. The Chosun Ilbo continues to tremble over what the U.S. Treasury Department’s next move could be. Have a look at Section 311 (115 Stat. 298) of the USA PATRIOT Act, and if you can bear it, keep reading. It empowers Treasury to declare all of North Korea a jurisdiction of special money laundering concern — as we’ve apparently...

Categories China/China & Korea/Counterfeiting/Diplomacy/Drugs & N Korea/NK Economics/Six-Party Talks/Uncategorized
February 23, 2006

Caught in the Act!

I wonder what Roh Moo-Hyun will say this time. Rogue diplomats? North Korean diplomats were caught attempting to smuggle US$1 million and 200 million yen into Mongolia on Tuesday, the Mongolian press reported. Reports said the North Koreans told Mongolian authorities they were planning to put the money in a Mongolian bank account, according to Japan’s Yomiuri Shimbun. The paper said that it was unclear whether the money was counterfeit or not, and what measures the Mongolian authorities will take....

Categories Counterfeiting/Diplomacy/Japan/NK Economics/North Korea/Uncategorized
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...

Categories Appeasement/Asia/China/China & Korea/Counterfeiting/Diplomacy/NK Economics/U.S. Law/Uncategorized
December 28, 2005

China, Arsenal of Terror

Today comes word of more sanctions on Chinese state-owned companies, all with close ties to the military, for helping Iran with its nuke and missile programs. The sanctions, announced by the State Department, are part of a diplomatically complex effort to cut off the flow of technology into Iran that could aid its weapons programs, while pressing both China and Russia to threaten action against Tehran at the United Nations Security Council. Included in the latest sanctions, first reported Tuesday...

Categories Uncategorized
December 27, 2005

Supernotes Update: No Refuge in Denial

South Korea’s president Roh Moo-Hyun may have entered office with the hope of a multifaceted agenda, but that agenda has only one surviving facet. His moves to create a more redistributive economy has sufficiently damaged the economy that Roh’s allies would dream of running on that record in the 2006 elections. The attempt to move the capital out of Seoul was a political disaster; it was blocked in the courts, and mostly succeeded in creating a dangerous new political enemy...

Categories Uncategorized
December 19, 2005

Supernotes Update: N. Korean Front Companies Flee Macau

The Treasury Department’s enforcement actions against Banco Delta Asia, North Korea’s money-launderer of choice, has caused quite a disruption: North Korea has moved what to all intents and purposes was its representative office in Macau, the Zokwang Trading Co. The office sign is gone, and North Korean staff of Zokwang Trading across the street from the Macau Department of Transport have disappeared. Most appear to have headed for mainland China, where the next round of sanctions could have some delicious...

Categories Uncategorized
December 15, 2005

Follow the Money

There is no respite for the profligate tyrant of a criminal regime today, notwithstanding the fury of his abetters. His access to ready cash may soon dry up. The Chosun Ilbo reports: The U.S. government on Wednesday turned up the heat on North Korea by warning U.S. financial institutions that North Korea may be looking for new money laundering channels after Washington blocked transactions with the Macau-based Banco Delta Asia, allegedly Pyongyang’s main funnel for gains from criminal activities. An...

Categories Uncategorized
October 26, 2005

Nope, No Axis Here

The New York Times, quoting high-level administration sources, is making the connection between U.S. law enforcement measures, the PSI, and diplomacy you’ve only seen here up to now: MOSCOW, Oct. 23 – The Bush administration is expanding what it calls “defensive measures” against North Korea, urging nations from China to the former Soviet states to deny overflight rights to aircraft that the United States says are carrying weapons technology, according to two senior administration officials. At the same time, the...

Categories Uncategorized
October 26, 2005

Nope, No Axis Here

The New York Times, quoting high-level administration sources, is making the connection between U.S. law enforcement measures, the PSI, and diplomacy you’ve only seen here up to now: MOSCOW, Oct. 23 – The Bush administration is expanding what it calls “defensive measures” against North Korea, urging nations from China to the former Soviet states to deny overflight rights to aircraft that the United States says are carrying weapons technology, according to two senior administration officials. At the same time, the...

Categories Uncategorized