News
Treasury Official in Talks with North Korea Over Banco Delta Asia Sanctions
By Matt Squire and Brian Orsak
printDaniel Glaser met with North Korean officials for three hours today to discuss U.S. financial sanctions against the Asian nation and a Macau bank. The talks, which are scheduled to resume Wednesday in Beijing, focused on North Korea's alleged involvement in counterfeiting and its efforts to launder money through Banco Delta Asia, Treasury spokeswoman Molly Millerwise said in an e-mail. The Macau government seized Banco Delta Asia and froze its $24 million in assets after the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) designated the bank a money laundering concern in September 2005. Banco Delta Asia facilitated money laundering of...
TO READ THE FULL STORY
Subscribe
Learn More
Related News
U.N. Security Council sanctions imposed on North Korea last week could require U.S. financial institutions to more effectively scrutinize correspondent transactions and trade financing linked to corporate accounts in Asia, according to compliance sources.
As U.S. officials and bankers debate the merits and drawbacks of an expected $10 billion sanctions settlement with BNP Paribas, their French counterparts are offering a more unified response: outrage.
The West's financial ties to Russia have given countries pause in considering further sanctions, a Roman judge dropped a money laundering case against the former head of the Vatican Bank and more, in this week's news roundup.
In announcing sanctions against Russian politicians and one bank Thursday, U.S. officials made clear that American financial institutions should prepare for more, and soon.
The financial clearing subsidiary of Deutsche Börse AG will pay the U.S. Treasury Department's sanctions enforcer $152 million for holding money in New York-based accounts on behalf of Iran's central bank.
The chairman of a Senate committee vowed Thursday to block additional sanctions against Iran in an effort to protect last month's multilateral accord to suspend portions of the country's nuclear program.
Amid all of the political rhetoric and bombast that accompanied television coverage of the 16-day government shutdown last month, one question never seemed to get any airtime: what did it all mean for the financial compliance industry?
JPMorgan Chase launches AML SWAT team as the bank's legal costs mount, Turkey blacklists over 350 entities in an effort to comply with United Nations sanctions, and more, in this week's news roundup.
Federal officials will weigh whether financial institutions can bank medical marijuana shops, New York's financial regulators asks two financial consultancies for data and more, in this week's news roundup.
Germany's BaFin is reportedly investigating potential AML violations by Deutsche Bank, a U.K. court could order the British government to pay millions to compensate a blacklisted Iranian bank, and more, in this midweek roundup.
The U.S. House of Representatives Wednesday approved legislation that would limit White House-granted waivers to nations that purchase oil from Iran under a 2011 sanctions law.
The U.S. Treasury Department has picked replacements for two recently vacated senior-level positions involved with the drafting of economic sanctions and anti-money laundering policies, according to an official.
The U.S. Treasury Department's sanctions arm blacklisted Korea Daesong Bank Thursday for its alleged ties to a branch of the North Korean communist government.
Compliance officers at some of the world's largest financial institutions are concluding they need to create sanctions-specific programs to avoid regulatory penalties and tarnished reputations, according to a Deloitte survey released Monday.
Economic sanctions expected against North Korea over its test of a nuclear bomb will likely include companies in China, South Korea, Thailand and Russia linked to trade with the communist nation, say consultants.
A recent United Nations resolution against North Korea will bolster sanctions against the country but may fall short of results achieved by a 2006 asset freeze, say observers.
The Bush Administration removed North Korea from its state sponsors of terrorism list Saturday, a decision likely to have little impact on economic sanctions against the country.
A decision by the Bush administration to remove North Korea from its state sponsors of terror list will have little impact on how financial institutions and other companies deal with the Asian country.
The bill states that North Korea cannot be removed from the U.S. State Sponsors of Terrorism list unless it shows it has stopped helping other terrorism sponsors develop nuclear weapons.
The money was transferred Thursday through the New York branch of the Federal Reserve to a small, private Russian bank, Far East Commercial Bank, according to reports.