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The U.S. Treasury Department's sanctions arm blacklisted Korea Daesong Bank Thursday for its alleged ties to a branch of the North Korean communist government.
Compliance officers at some of the world's largest financial institutions are concluding they need to create sanctions-specific programs to avoid regulatory penalties and tarnished reputations, according to a Deloitte survey released Monday.
Economic sanctions expected against North Korea over its test of a nuclear bomb will likely include companies in China, South Korea, Thailand and Russia linked to trade with the communist nation, say consultants.
The Bush Administration removed North Korea from its state sponsors of terrorism list Saturday, a decision likely to have little impact on economic sanctions against the country.
A decision by the Bush administration to remove North Korea from its state sponsors of terror list will have little impact on how financial institutions and other companies deal with the Asian country.
The money was transferred Thursday through the New York branch of the Federal Reserve to a small, private Russian bank, Far East Commercial Bank, according to reports.
Treasury officials have collected enough information to quickly resolve a disagreement involving Banco Delta Asia, a Treasury Department official said. Officials last month began talks with North Korea over its alleged involvement in counterfeiting and laundering money through the bank.
The talks focused on North Korea's alleged involvement in counterfeiting and its efforts to launder money through Banco Delta Asia.
