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The South Korean government is considering letting the state-run Export-Import Bank of Korea handle North Korea¡¯s recently unfrozen US$25 million from a Macau bank before they go to a third country. That would put Seoul in an awkward position since handling the funds could be seen as helping North Korea launder money from illicit activities - the reason global banks have been squeamish about touching the money despite the lift of the freeze.
Cheong Wa Dae reportedly discussed the idea in a meeting on Thursday chaired by presidential chief secretary for foreign policy Baek Jong-chun on ways to speed up the stalled transfer of North Korea¡¯s assets in the Banco Delta Asia. Due to delay of the transfer, North Korea missed a deadline to implement its part of a Feb. 13 six-nation agreement. Besides unification and security-related ministers plus Presidential Chief of Staff Moon Jae-in, the meeting was attended by the finance and justice ministers. Foreign minister Song Min-soon, who is currently overseas, was not in the meeting.
Thursday¡¯s meeting discussed enabling North Korea to open an account with an overseas branch of EXIM so it can withdraw its funds from BDA and move them to an Italian or Russian bank via the bank. A senior security source said the government proposed the measure since North Korea insists on having the money transferred rather than withdrawing it in cash. According to the source, the U.S. has agreed to Seoul¡¯s suggestion and promised not to take issue with the bank over what would by Washington¡¯s own earlier determination amount to abetting money-laundering.
According to a diplomatic source, North Korea is nearly done combining the money from its 52 accounts in BDA into a single one ready for transfer. The epic issue hit the latest snag when, after the U.S. gave the green light to unfreezing the funds, no bank in the world proved willing to receive the funds. That problem would be resolved if EXIM plays the intermediary role. The U.S. has already reassured countries concerned that the transfer will be an exception from its blanket ban on transactions with BDA.
Japanese Foreign Minister Taro Aso, meanwhile, said the U.S. was ¡°confident that the issue will be resolved soon,¡± according to the Kyodo News agency on Friday. In an apparent reference to the South Korean suggestion, Aso added he "wouldn't be surprised" if the six-country talks resume next week, it said. That suggests the final hurdle to North Korea shutting down its nuclear facilities in Yongbyon could be cleared this week.
(englishnews@chosun.com )
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