CHINA / Taiwan, HK, Macao |
Macao bank denies money laundering charges(China Daily/Agencies)Updated: 2007-03-27 06:59
The Macao-based Bank Delta Asia (BDA) on Monday, March 26, denied US accusations that it had engaged in money laundering activities or neglected unusual financial practices related with Pyongyang. In a statement issued on Monday, Stanley Au Chong Kit, owner of BDA and its subsidiary Delta Asia Credit Limited (DAC) in Hong Kong, rejected allegations the US Treasury Department made in September 2005 and in its final ruling on March 14. In September 2005, the US Treasury Department alleged that BDA was a "primary money laundering concern" and on March 14, it continued to claim that BDA had inadequate control to deter or detect money laundering or other illicit activity and inadequate due diligence that facilitated unusual financial practices by clients related with the Democratic People's Republic of Korea (DPRK). Au's statement was made at a time when the Six-Party Talks on denuclearizing the Korean Peninsula stalled over the transfer of $25 million of DPRK's funds now frozen at BDA, as Bank of China the only bank that was approached to receive the transfer expressed its grave concerns. Alexander Losyukov, the Russian envoy in the Six-Party Talks, told journalists on his return from Beijing last Thursday that "the US administration should provide a guarantee that financial transactions involving DPRK assets will not lead to sanctions from the US". Au stated that the Macao and Hong Kong monetary authorities placed BDA and DAC under direct supervision, taking over all their businesses and records in September 2005, while BDA voluntarily terminated DPRK-related accounts at the same time. A subsequent independent audit and review "found no evidence that BDA participated or was involved in any of the illicit activities as alleged," Au said in the statement. "BDA has been conducting normal banking business with its DPRK-related account holders for many decades," he said. "To the best of my knowledge, those DPRK-related account holders at BDA as at September 2005, have not been 'blacklisted' by any relevant authority." Yesterday, a senior US Treasury official held talks with Chinese officials in Beijing, trying to resolve the situation that led to a breakdown in the nuclear talks. Daniel Glaser, deputy assistant secretary for terrorist financing and financial crimes, met officials from China's foreign ministry to discuss the money held at BDA, said Glaser's spokeswoman Molly Millerwise. Glaser's meeting was "positive and cordial", with officials focused on "solutions to implementation matters and our common interest in addressing this issue as quickly as possible", Millerwise said in an e-mail to the agencies. A statement from the US Embassy in Beijing said Glaser had met with officials from the People's Bank of China and the China Banking Regulatory Commission, but it gave no details. Authorities in Macao and the mainland "have made clear that they want to ensure implementation of the agreement is consistent with their own laws and with their international obligations," Glaser said in a statement before leaving the US. China Daily - Agencies |
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