WORLD / Asia-Pacific
Official: North Korea funds transferred
(AP)
Updated: 2007-06-14 21:56
HONG KONG - Most of the North Korean funds long frozen in a Macau bank
have been transferred, an official said on Thursday, raising the prospect
of an end to the deadlock stalling a nuclear disarmament deal with
Pyongyang.
Logo of Banco Delta Asia is displayed at its headquarters in Macau. The
United States expects resolution "very soon" of a longstanding banking
dispute with North Korea, paving the way for Pyongyang to begin
dismantling its nuclear arsenal, the top US nuclear negotiator said
Wednesday.[AFP]
"Francis Tam confirmed that Banco Delta Asia has remitted a sum of over
US$20 million out of Macau," a Macau government spokesman said, referring
to the territory's secretary for economy and finance.
North Korea has refused to honour a February agreement to begin shutting
its Yongbyon nuclear reactor and source of material for atomic weapons
until $25 million at Macau's Banco Delta Asia are released through normal
banking channels.
The funds were blocked after the United States blacklisted Banco Delta
Asia, accusing it of laundering illicit funds for Pyongyang.
Banks had balked at acting as a conduit for the money to be returned to
North Korea because of the stigma attached to holding Pyongyang's assets.
Japan's Kyodo news agency, citing Macau financial authorities, said the
funds were expected to be transferred through the New York branch of the
Federal Reserve and Russia's central bank to a Russian bank where North
Korea holds accounts.
Russia said on Wednesday it would allow one of its banks to transfer the
$25 million stuck in Banco Delta Asia, provided Washington gave written
guarantees that it would not fall foul of US sanctions against North
Korea.
The unblocking of the money would in effect allow the state -- which
conducted its first nuclear test last year -- back into the international
banking system from which it is currently ostracised.
More Talks?
The Macau government spokesman said the remittance was done "in
accordance to the instruction of a client" from North Korea.
As to where the sum went, the bank has declined to comment, citing
privacy concerns, he added.
China, which chairs the six-party talks on North Korea's nuclear
programme at which the February deal was reached, said earlier on
Thursday that member countries were working on the funds transfer.
Foreign Ministry spokesman Qin Gang added at a news conference that
Beijing was willing to resume the six-country talks once all parties --
the two Koreas, the United States, China, Russia and Japan -- were in
agreement to do so.
Assistant Secretary of State Christopher Hill, the top US negotiator with
North Korea, is likely to visit China, Japan and South Korea next week
after attending a conference in Mongolia this weekend.
Under the February agreement struck by the six parties, North Korea is
slated to get 50,000 tonnes of heavy fuel oil, or its equivalent, once it
completes initial steps, including shutting down Yongbyon.
During the next phase of the pact, which includes making a complete
declaration of all its nuclear programmes and disabling all its nuclear
facilities, North Korea will get economic, energy and humanitarian aid up
to the equivalent of a further 950,000 tonnes of heavy fuel oil.
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