Fake Smoke
Financial Times
By Edward Alden
Washington, September 16, 2005
The US took steps on Thursday to isolate a Macao-based bank that Washington charged was providing financial services to North Korean front companies involved in illicit fund-raising activities. Banco Delta Asia, part of the Delta Asia Financial Group headed by Stanley Au, a Hong Kong financier and Macao legislator, was designated under the Patriot Act for alleged money-laundering activities. The move could result in the bank being barred access to US financial markets. The Treasury Department alleged that a "significant amount" of the bank's business for the past two decades had involved North Korea.
When any bank is getting more business from North Korea, than from anyone else... Alarm bells MUST be rung.
Its banking services had "specifically facilitated the criminal activities of North Korean government agencies and front companies", the Treasury said. The US says that one of the clients of Banco Delta Asia is a North Korean front company that for more than a decade has been involved in distributing counterfeit currency and smuggling counterfeit tobacco products, and is suspected of involvement in international drug trafficking.
Honestly, I had no idea counterfeit tobacco existed. Did North Korea invent it?
By Edward Alden
Washington, September 16, 2005
The US took steps on Thursday to isolate a Macao-based bank that Washington charged was providing financial services to North Korean front companies involved in illicit fund-raising activities. Banco Delta Asia, part of the Delta Asia Financial Group headed by Stanley Au, a Hong Kong financier and Macao legislator, was designated under the Patriot Act for alleged money-laundering activities. The move could result in the bank being barred access to US financial markets. The Treasury Department alleged that a "significant amount" of the bank's business for the past two decades had involved North Korea.
When any bank is getting more business from North Korea, than from anyone else... Alarm bells MUST be rung.
Its banking services had "specifically facilitated the criminal activities of North Korean government agencies and front companies", the Treasury said. The US says that one of the clients of Banco Delta Asia is a North Korean front company that for more than a decade has been involved in distributing counterfeit currency and smuggling counterfeit tobacco products, and is suspected of involvement in international drug trafficking.
Honestly, I had no idea counterfeit tobacco existed. Did North Korea invent it?
posted by KnightofGoodMrIronMan at 8:08 PM
1 Comments:
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