Here’s a wacky bit of news. In 2005, the U.S. guv’mint suspected a Macau bank of laundering North Korean funds. Under the brilliant global jurisdiction of the Patriot Act, the U.S. froze $25 million of the bank’s North Korean assets. This week, North Korea announced they want their money back, or else the country’s nuclear program will continue.
The problem? North Korea insists they be reimbursed through a private bank, and nobody wants to be the guy signing the check. “No bank is willing to help return the money to North Korea,” reported NPR this morning. “Banks fear helping North Korea would taint the banks in the eyes of the U.S. Treasury Department, even though the request came from the U.S. State Department.”
The possible solution? An unnamed Las Vegas casino may stage a buyout of Banco Delta Asia (the Macau bank that currently holds the frozen assets) in order to refund the money. What does it gain in the transaction? A nearly impossible-to-get Macau gaming license.
High finance and global intrigue in the war on terror… love it.
The problem? North Korea insists they be reimbursed through a private bank, and nobody wants to be the guy signing the check. “No bank is willing to help return the money to North Korea,” reported NPR this morning. “Banks fear helping North Korea would taint the banks in the eyes of the U.S. Treasury Department, even though the request came from the U.S. State Department.”
The possible solution? An unnamed Las Vegas casino may stage a buyout of Banco Delta Asia (the Macau bank that currently holds the frozen assets) in order to refund the money. What does it gain in the transaction? A nearly impossible-to-get Macau gaming license.
High finance and global intrigue in the war on terror… love it.
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