Fergie's Tech Blog

U.S. Takes Action Against Bank in China

An AP newswire article by Jeannine Aversa, via SFGate.com, reports that:

The Bush administration took action Thursday against a bank in China for what it said were lax money-laundering controls, alleging the bank helped North Korean customers distribute counterfeit currency and engage in other illicit activities.

The Treasury Department designated Banco Delta Asia SARL as a "primary money laundering concern."

That designation alerts the global financial community about the alleged problems associated with the bank, which is located and licensed in Macau, China. The department also proposed that the bank be cut off from the U.S. financial system.

The 2001 USA Patriot Act gives the department the powers to take the action.

posted by Fergie @ 9/15/2005 12:10:00 PM