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Although virtually every bank in Macau handled North Korean funds, U.S. regulators singled out Banco Delta Asia because the shutdown of a smaller bank would create less financial disruption. North Korea was able to gain access to funds deposited at the bank by raising the issue with the United States
161:
On August 11, 2020, the U.S. Treasury
Department announced that it had decided to revoke its sanctions and restrictions against Banco Delta Asia. The sanctions were lifted without further litigation, or any admission of liability by any party, and Banco Delta Asia was left free to resume its US
152:
In
September 2007, the Monetary Authority of Macau ended its intervention and the bank was returned to management by owner Stanley Au. No criminal charges were ever filed in Macau. The bank remains blacklisted by the U.S. Treasury Department and is not authorized to conduct transactions in U.S.
94:
on nuclear weapons technology in
Beijing. The sanctions are said to have intimidated other banks from doing business with North Korea and disrupted the country's system for transferring foreign exchange. Macau has responded by stepping up enforcement of anti money laundering laws.
67:-based bank owned by the Delta Asia Financial Group and founded in 1935 by Au Wing Ngok, father of Stanley Au, the current chairman and majority shareholder. It is the 10th largest bank in Macau with eight branches and 150 employees.
119:. As a result, the Macau Government invoked a banking law to replace the bank's board by government appointees. As a result of this, several North Korean companies in Macau which had accounts with the bank, including
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In March 2007, the U.S. Treasury ordered U.S. companies and financial institutions to cut links with the bank on account of allegations concerning Banco Delta Asia's business with the government of
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stated that the investigation confirmed the bank's "willingness to turn a blind eye to illicit activity, notably by its North Korean-related client". A mini-
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123:, had their accounts frozen. However, the United States agreed to resolve the issue of frozen Banco Delta Asia bank accounts, if North Korea disarms its
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ordered all U.S. banks and companies to sever ties with Banco Delta Asia, following an 18-month investigation. U.S. Treasury Under-Secretary
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IBDeditorials.com: Editorials, Political
Cartoons, and Polls from Investor's Business Daily – New Sanctions, Unlike The Old, Seem To Work
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commissioned by the Macau government found no evidence that the bank had facilitated money laundering.
459:"Lifting of US sanctions on Delta Asia Bank the result of 15 years of unrelenting effort - Chairman"
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for the government of North Korea. In
September 2005, the impending imposition of sanctions by the
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Squeeze on Banco Delta Asia hit North Korea where it hurt – International Herald
Tribune
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ensued, although only 10% of the bank's cash reserves were drawn out.
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to crack down on the use of the international financial system by "
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340:"U.S. Cites Banco Delta Asia for Money Laundering, Other Crimes"
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China
Matters: Stanley Au Makes His Case for Banco Delta Asia
291:"Trail Led to Macao as Focus of North Korean Corruption"
408:"Accounting firm finds no evidence of money laundering"
20:
Administration centre of Delta Asia
Financial Group
575:Industrial and Commercial Bank of China (Macau)
289:Greenlees, Donald; Lague, David (2007-04-13).
227:"Blacklisted Bank to Return to Original Owner"
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115:was announced, which triggered a massive
103:The bank has been accused of engaging in
367:(in Korean). Joongang Daily. 2006-10-16
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644:North Korea–United States relations
433:"China 'regrets' US ruling on bank"
388:. Boston.com World News. 2007-02-14
99:North Korea and the Six-party talks
439:from the original on 17 March 2007
346:from the original on 10 March 2007
342:. GlobalSecurity.org. 2005-09-15.
321:from the original on 11 March 2007
315:"Banco Delta board yields control"
14:
414:from the original on 4 March 2007
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457:Moura, Nelson (11 August 2020).
225:Greenlees, Donald (2007-09-29).
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560:China Construction Bank (Macau)
565:Espírito Santo Financial Group
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50:
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406:Hall, Kevin G. (2007-02-01).
659:1935 establishments in Macau
317:. The Standard. 2005-09-29.
196:"Delta Asia Financial Group"
539:Monetary Authority of Macao
84:state sponsors of terrorism
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618:List of banks in Hong Kong
555:Banco Nacional Ultramarino
25:Delta Asia Financial Group
649:Banks established in 1935
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34:Banco Delta Ásia S.A.R.L.
435:. BBC News. 2007-03-15.
410:. McClatchy Newspapers.
365:"北, BDA계좌동결 후 3개국서 계좌개설"
157:Lifting of the sanctions
139:U.S. Treasury Department
598:Category:Banks of Macau
137:On March 14, 2007, the
608:List of banks in China
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107:and distribution of
39:traditional Chinese
570:Macau Chinese Bank
295:The New York Times
231:The New York Times
47:simplified Chinese
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580:OCBC Bank (Macau)
162:dollar business.
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200:the original
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175:Banks portal
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143:Stuart Levey
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130:An audit by
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109:superdollars
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80:rogue states
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72:North Korea
633:Categories
443:2007-03-16
418:2007-03-01
392:2007-02-14
371:2007-03-20
350:2007-03-20
325:2007-03-20
300:2010-04-26
236:2010-04-26
206:2008-06-09
182:References
29:Portuguese
153:dollars.
127:arsenal.
437:Archived
412:Archived
344:Archived
319:Archived
147:bank run
117:bank run
468:6 March
90:at the
82:" and "
63:) is a
125:atomic
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55:pinyin
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65:Macau
470:2024
51:汇业银行
43:滙業銀行
86:".
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