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Chinese bank freezes NKorean accounts: SKorean lawmaker The Bank of China has frozen North Korean accounts in reponse to a US-led crackdown on Pyongyang's alleged illegal financial activities, a South Korean legislator said Monday. The move was tantamount to China's imposition of sanctions on its long-time ally, Park Jin, a key member of the main opposition Grand National Party told reporters. "I understand North Korea is even more frustrated because it regards the freezing of its accounts in China as virtual sanctions," he said in an interview with the Munhwa newspaper. Park, who has just returned from a trip to Washington, quoted former and current US officials as saying that China's move came at Washington's request late last year when the United States accused Macau-based Banco Delta Asia of helping Pyongyang launder earnings from counterfeiting US bank notes. Park said that he had also heard that North Korea was suspected of counterfeiting Chinese currency as well as US dollars. "So China cannot but launch separate sanctions on counterfeiting and money laundering by North Korea,' he said. "I understand cooperation is under way between the United states and China to stop North Korea's illegal activities." The US Treasury Department in September told US financial institutions to stop dealing with the Macau bank. A month later the US blacklisted eight North Korean companies allegedly involved in the spread of weapons of mass destruction. "The US Treasury Department froze North Korean accounts in BDA in September last year and at the same time launched an investigation into the Bank of China's branch in Macau," Park said. "During its investigation, the United States appeared to have discovered fake US (dollar) bills and asked the Bank of China to freeze North Korean accounts," he added. China responded by shutting down the North Korean accounts. "I understand the Bank of China stopped dealing with North Korea as the United States expanded its probe," Park said. In reprisal for the US action, Pyongyang boycotted six-party talks aimed at ending its nuclear weapons program. However, the Stalinist state has made no mention of the Chinese measures detailed by Park. China is North Korea's closest ally and main backer as well as key broker in the six-party talks process aimed at ending the nuclear standoff. North Korea fears the US probe may affects its accounts in Singapore, Austria, Switzerland and Russia, Park said. The Bank of China is the mainland's second largest bank and recently listed in Hong Kong where it raised more than 11 billion dollars in one of the largest new share offers ever. It traditionally conducted forex business for Chinese groups and companies but has progressively expanded its range in recent years. ---------------------------------------------------
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