U.S.-North Korea financial sanctions talks to reopen next week in Beijing

Posted on : 2007-01-27 15:37 KST Modified on : 2019-10-19 20:29 KST

The United States and North Korea will hold the next round of financial sanctions talks in Beijing from Jan. 30, the Treasury said Friday.

This will be the follow-up talks to the first session held in December, also in Beijing, to discuss actions taken against a Macau bank accused of laundering money for North Korea.

Daniel Glaser, deputy assistant Treasury secretary, will again lead the U.S. delegation to the talks.

"Glaser plans to continue discussions with North Korea on the international community's concerns about illicit financial conduct, globally recognized standards for operating as a responsible member of the financial community, and the financial measures taken by the United States to combat illicit financial flows," Treasury spokeswoman Molly Millerwise said.

Under Section 311 of the Patriot Act, the U.S. in September 2005 designated Banco Delta Asia (BDA) as a "primary money laundering concern" operating for North Korea.

Pyongyang is suspected of running a range of illicit financial operations, including counterfeiting of American currency and smuggling of narcotics and contraband. The Treasury says BDA facilitated these operations, allowing its loosely monitored accounting system to be abused by North Korea.

Pyongyang has used this measure as an excuse to boycott the six-party talks, a denuclearization negotiation forum involving South and North Korea, the U.S., China, Russia and Japan. The North insisted that the BDA issue be resolved first before discussing denuclearization.

U.S. and North Korean financial negotiators formed a working group that met for the first time at the sidelines of the six-party talks in Beijing in December.

Washington, Jan. 26 (Yonhap News)

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