U.S. Treasury Officials Brief Seoul on Pyongyang’s Alleged Financial Wrongdoings

U.S. Treasury officials are in South Korea to discuss North Korea’s alleged counterfeiting and money laundering, the Associated Press reported today (see GSN, Jan. 20).

U.S. Deputy Assistant Treasury Secretary for terrorist financing and financial crimes Daniel Glaser met with officials at South Korea’s Foreign Ministry, officials said. 

Washington in September 2005 accused Macau-based Banco Delta Asia of fronting for North Korea’s illicit financial efforts. The following month, the Treasury Department sanctioned eight North Korean entities as the result of its investigation.

Glaser visited Hong Kong, Macau and Beijing last week and is expected to be in Seoul through tomorrow, according to the agency (Agence France-Presse/Yahoo!News, Jan. 23).

Glaser called on Macau to clamp down on money laundering, AFP reported on Friday.

“Macau is beginning to take steps to strengthen its anti-money laundering and terrorist financing controls,” he said in Hong Kong last week.

Glaser said Washington would assist Macau in developing controls that “can adequately protect its financial system from illicit conduct of all kinds.”

He also praised Hong Kong’s efforts against illegal financial activity, AFP reported (Agence France-Presse/Yahoo!News, Jan. 20).

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