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The biggest stumbling block to North Korea¡¯s implementation of a Feb. 13 denuclearization agreement is out of the way at last after Pyongyang¡¯s money in Macau¡¯s Banco Delta Asia was transferred out on Thursday.
Francis Tam, Macau's secretary of economy and finance, confirmed the news on Thursday evening, saying, "Banco Delta Asia transferred more than US$20 million out of the bank this afternoon in accordance with the client's instruction." Kyodo News predicted the rest of the money will be transferred later, but Tam said, "There probably won¡¯t be another transfer."
A BDA staffer said the Macau Monetary Authority took over the North Korean funds from the bank and transferred them to the United States via Banco Nacional Ultramarino telegraphic transfer.
BNU, a Portuguese bank, mints the Macanese pataca currency alongside Tai Fung Bank and the Bank of China. A diplomatic source said since BDA remains under financial sanctions by the U.S. Treasury Department, it cannot transfer the North Korean funds directly to an overseas bank, so it seems Macanese authorities sought ways to transfer the money through a third bank there.
The money will likely be transferred to the U.S. Federal Reserve in New York, the Russian central bank, and finally Russia¡¯s Far East Commercial Bank, where Pyongyang¡¯s Foreign Trade Bank of Korea has an account.
Once the matter is finally resolved, North Korea has promised to shut down the nuclear facilities at Yongbyon and invite inspectors from the International Atomic Energy Agency, the initial measure required under a Feb. 13 denuclearization deal.
(englishnews@chosun.com )
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