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| China-Japan-Koreas |
| Banks said severing ties with NKorea |
| 2006-08-29 |
| WASHINGTON — The financial noose is tightening around North Korea as international banks sever ties with the nation _ a move championed by the United States, a top Treasury Department official says. The United States has accused Pyongyang of spreading weapons and missile technology to other countries, counterfeiting U.S. currency and trafficking drugs. It wants to see the reclusive, communist-led regime financially incapacitated. "There is sort of a voluntary coalition of financial institutions saying that they don't want to handle this business anymore and that is causing financial isolation for the government of North Korea," Stuart Levey, the Treasury Department's undersecretary for terrorism and financial intelligence, said in an interview Monday with The Associated Press. "They don't want to be the banker for someone who's engaged in crime, as the North Korean government is," he said. Banks in Singapore, Vietnam, China, Hong Kong and Mongolia are opting not to do business with North Korea, Levey said. "Is there a complete cutoff, so that they can't get banking anywhere? No, that's not the case, but they're having a very difficult time finding banking services," he said. "You're seeing a near complete isolation." Ignoring warnings from the United States and other countries, North Korea test-fired seven missiles last month, raising tensions in the region. The United States is considering tightening economic sanctions against North Korea, although Levey avoided specifics. Last year, the Treasury department took action against a bank, Banco Delta Asia SARL, in Macau, a special administrative district of China, for what it said were lax money-laundering controls, alleging the bank helped North Korea distribute counterfeit currency and engage in other illicit activities. The department also has moved against other companies, claiming they were helping North Korea spread weapons of mass destruction. Because of the financial clampdown, North Korea has refused to resume six-nation talks meant to persuade it to abandon its nuclear weapons program. Some analysts worry that the financial restrictions are only deepening the North's isolation. This, they argue, has allowed North Korea to push ahead with its weapons programs. North Korea accused the United States of tracing North Korean accounts in banks in at least 10 countries and called this "a gangster-like act." |
| Posted by:Steve |
| #11 Maybe Kimmie wants to follow NOLA's example - on FOX NEWS in afternoon > "For every Milyuhn?/Bilyuhn? dollars the Federal govt. spends, 40,000 "high-paying local jobs" are created". YOU KNOW, THE REASON WHY NOLA/KATRINA-GATE IS ABOUT "HELPING PEOPLE", NOT SOCIALISM. DITTO FOR THE WOT. Being a good Politician, no word was mentioned on SSSSSSSSSSHHHHHHHHHHHHHH how TEMPORARY vs PERMANENT these alleged "high-paying local jobs" are. |
| Posted by: JosephMendiola 2006-08-29 23:07 |
| #10 Only one question: WHAT TOOK SO LONG? The counterfeit "supernote" thingies have only been around SINCE 1990! North Korea has only been starving their people to death and into cannibalism since, like, FOREVAH! The collective international banking community needs a gigantic boot up their ass for overlooking these "character flaws" in the North Korean regime. |
| Posted by: Zenster 2006-08-29 14:55 |
| #9 Some analysts worry that the financial restrictions are only deepening the North's isolation. This, they argue, has allowed North Korea to push ahead with its weapons programs. Again more hand wringing. These people are paralyzed! It's easy to second guess. What are you going to do? The problem won't wait forever. Life is made up of solutions, not problems. North Korea accused the United States of tracing North Korean accounts in banks in at least 10 countries and called this "a gangster-like act." Don't like that, eh? Good. Must mean we're onto something. |
| Posted by: gorb 2006-08-29 14:41 |
| #8 Odysseus- One possible solution to that would be that once we find out about the money going into Iran from (Fill In The Country) - and we will - simply send a note to that nation's leadership saying that as of NOW any and all US funds for trade, defense, cultural, or any other cause stop until the money to Iran gets cut off. For example, let's say German companies keep violating any banking embargo. Fine - let's send the German workers on US Military bases home and keep 'em there until it stops. Once they've had a week or three of an enforced vacation, the German government might be willing to lean on some people. Might not be the best example but it'll suffice. Mike |
| Posted by: Mike Kozlowski 2006-08-29 14:35 |
| #7 I wish it were a model for Iran, but financially disconnecting with Iran would be a much bigger sacrifice than doing it with North Korea. Remember all the cheating on the Iraq embargo? It would be even worse in the case of Iran. We'd be undercut by all the big commercial nations. |
| Posted by: Odysseus 2006-08-29 14:04 |
| #6 so we should let em have limited counterfeiting ability? Jeebus. What assholes |
| Posted by: Frank G 2006-08-29 13:56 |
| #5 Some analysts worry that the financial restrictions are only deepening the North's isolation. Feature, not bug. |
| Posted by: charger 2006-08-29 13:50 |
| #4 The Iranians don't have bank examiners. |
| Posted by: Nimble Spemble 2006-08-29 12:56 |
| #3 Eh, North Korea's main export are three-dollar bills. It's actively hostile to the international market, in that its exports undermine the core currencies. There's no business to speak of, by banker standards, and some advantage in being seen to have helped combat a notorious source of funny money. Iran, on the other hand, is sitting on a pool of liquid money. It's easy to make Uncle Sam happy when there's nothing in it for you otherwise - when there's legit money to be made, well. That's another story. |
| Posted by: Mitch H. 2006-08-29 12:54 |
| #2 Yup. |
| Posted by: Nimble Spemble 2006-08-29 12:33 |
| #1 The model for Iran? |
| Posted by: trailing wife 2006-08-29 12:09 |