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Category: Sanctions

October 31, 2006

N. Korea Agrees to Return to Six-Party Talks

[Update:   According to this Korean language link, the South Koreans were the last of the six parties to know that the talks would begin again.  You’d think that after getting seven billion dollars from South Korean taxpayers, they’d have enough left over to afford a phone call.  I guess they spent it somewhere else.] News coming off the wires claims that the North Koreans have agreed to return to six-party talks. Chinese, U.S. and North Korean envoys to the...
Categories China & Korea/Counterfeiting/Diplomacy/Money Laundering/Six-Party Talks
October 26, 2006

Where Is That Other Shoe?

[Update:   A State Department official who asked not to be identified said the sanctions authority, bearing the name of Senator John Glenn, who sponsored it in the Congress, is open-ended in the range of sanctions available. That official predicted that all financial and economic transactions with North Korea would be ended, except for humanitarian aid. ] We’ve all been waiting for othe other shoe to drop — for the U.S. to announce what sanctions it will impose — since North...
Categories Diplomacy/Money Laundering/Proliferation/Six-Party Talks/Washington Views/WMD
October 26, 2006

Annual Treasury Report on Counterfeiting of U.S. Currency Abroad

The full report is here, but it’s a big, fat, nasty pdf. Here’s the section on North Korea: 6.5.7 North Korea and the Supernote Since 1989, the U.S. Secret Service has led a counterfeit investigation involving the trafficking and production of highly deceptive counterfeit notes known as supernotes. The supernote investigation has been an ongoing strategic case with national security implications for the U.S. Secret Service since the note’s first detection in 1989. The U.S. Secret Service has determined through...
Categories Counterfeiting/Money Laundering
October 24, 2006

Proliferation Security Watch

*   Hong Kong authorities have detained a North Korean ship “Kang Nam I, a 2,035-ton general cargo ship,” which had arrived from Shanghai.  North Korean crew members and Hong Kong customs officials suggest that the inspection is related to a couple dozen safety violations, that the ship is empty, and that the inspections are not related to U.N.S.C.R. 1718.  Crew members claim that the ship will sail again in two days.  The Chosun Ilbo reports that the search didn’t...
Categories "United" Nations/Appeasement/Diplomacy/Geopolitics/Money Laundering/Technology/Uncategorized/WMD
October 15, 2006

U.N.S.C.R. 1718: Who Won, Who Lost (Kim Jong Il Unplugged, Part 13)

John Bolton: Winner. I’d like to hear John Bolton’s critics deny that, as with Resolution 1695, he has wrung far more effectiveness from the U.N. than we had come to expect. Not only should we confirm this man, pronto, we should clone him. Madeleine Albright never got results like these. The United States: Winner. We got everything we really wanted here: help constricting Kim Jong Il’s financial arteries the right to search his ships and planes. an embargo on the...
Categories "United" Nations/Appeasement/China & Korea/Counterfeiting/Diplomacy/Drugs & N Korea/Geopolitics/Japan/Japan & Korea/Money Laundering/U.S. & Korea/WMD
October 12, 2006

MUST-READ: Key U.S. Policy-Maker Calls China Out for Double-Dealing

David Asher, who recently led the Illicit Activities Initiative, is probably the architect of our tough new financial strategy against North Korea’s counterfeiting, smuggling, and money laundering.  He is also one of Washington’s clearest thinkers on North Korea.  Asher didn’t know that North Korea would actually  test a nuke when he delivered this address to the Heritage Foundation in September, and really, it deserved more media and blog attention than it got.  Asher, to say the least, doesn’t think China...
Categories China/China & Korea/Money Laundering/Washington Views/WMD
October 11, 2006

The Sunshine Policy Is Dead, Part 3

Like the captain of a sinking ship herding rats back into the hold, Kim Dae Jung is desperately trying to preserve a policy that was his dubious legacy.  Without Sunshine, there is only bribery and a tarnished hunk of metal.  Kim, predictably, apportions blame equally between North Korea and the United States.  Honestly, there is just no pleasing some people.  We’ve offered the North Koreans far too much for far too long.  If DJ really thinks the North Koreans have...
Categories An Alliance?/Appeasement/Counterfeiting/Money Laundering/U.S. & Korea/WMD
October 10, 2006

U.S. to Propose Arms Embargo on North Korea

I’d proposed it two days before July’s missile tests, because of the rising danger of another preventable famine, but  it now looks as if John Bolton is circulating  this concept  as part of what he’d tried to get from the U.N. after the July missile tests: The United States circulated a draft U.N. resolution late Monday that would condemn North Korea’s nuclear test and impose tough sanctions on the reclusive communist nation for Pyongyang’s “flagrant disregard” of the Security Council’s...
Categories "United" Nations/China/China & Korea/Famine & Food Aid/Money Laundering/NK Economics/WMD
September 28, 2006

Greeks Intercept Counterfeit N.K. Cigarettes

Officials in Greece nabbed a North Korean freight vessel that was carrying 1.5 million cartons of contraband cigarettes and arrested the seven seamen aboard, it was announced Monday. [link] Let’s hope there’s a trial, and that this one won’t be  a goose egg  like the Pong Su case was.  Whether the Aegean could use another artificial reef, I leave to the Greeks, but  Greece is  always happy to do the exact opposite of what America asks. The Greek Merchant Marine...
Categories Counterfeiting/Money Laundering
September 22, 2006

Kim Jong Il Unplugged, Part 11: Eyes on Seoul

Green eyeshades are turning toward Seoul, Kaesong, and Kumgang.  If you think things were bad before, this is where U.S.-Korea relations will be severely tested.  The U.S. Treasury Department isn’t going to put up with Seoul acting as Kim Jong Il’s financier for long, and  with the  likely exceptions of some shady  Russian banks  and whatever China is secretly providing at the state-to-state level, South Korea is Kim Jong Il’s last cash cow. Kumgang That poll yesterday — the one...
Categories Appeasement/Money Laundering/NK Economics/U.S. & Korea
September 19, 2006

Kim Jong Il Unplugged, Part 10: The First Shoe Drops

Japan and Australia have imposed sanctions on a series of the companies Kim Jong Il uses to collect foreign currency and dual-use items. In Japan’s case, this includes shutting off a substantial income source for the North: cash remittances from ethnic Koreans in Japan: The sanctions will effectively freeze North Korea’s assets in Japan by banning withdrawals and overseas remittances from the targets’ accounts in Japanese banks. This is about as robust an option as I had predicted here, although...
Categories Money Laundering/NK Economics/WMD
September 12, 2006

No Balance, No Net: Anything Could Happen During the Roh-Bush Meeting

If you have any questions about the state of U.S.-South Korean relations today, you need only read this. Seoul and Washington have decided not to adopt a joint statement or declaration at the Roh-Bush summit. Contrast that to the scripted appearances and affirmations of unity we saw last time. No longer. This visit was hurriedly scheduled after North Korea’s missile launches, which showed everyone just how little security seven billion dollars could purchase, and after which the United States broke...
Categories An Alliance?/Money Laundering/U.S. & Korea
September 8, 2006

Kim Jong Il Unplugged, Part 9

The Treasury Department is not through with Kim Jong Il. Undersecretary Stuart Levey has set his sights on two of North Korea’s last two lifelines, South Korea and now, Russia: The United States is not yet satisfied with the results of sanctions aimed at changing North Korea despite the impact the sanctions have had, a senior Treasury official said Friday. The U.S. will watch how the situation develops with Russia, which reportedly has become one of the very few havens...
Categories Money Laundering/NK Economics
September 8, 2006

The Seven Billion Dollar Man

[Update: The actual figure turns out to be over $7 billion, if you include all aid since 1995 and add in Kim Dae Jung’s $500M bribes. It still excludes money from South Korean corporations, and of course, aid from the U.N. or other countries. South Korea now provides 46% of North Korea’s support. h/t The Nomad.] Let’s briefly review where we’ve been with North Korea over the last year — missile tests, nuclear scares, crude insults, food aid stolen from...
Categories Appeasement/Money Laundering
September 5, 2006

Kim Jong Il Unplugged, Part 8

Nigel Cowie, North Korea’s most “legitimate” banker, is selling out, and this time, that’s not just a moral judgment. Richardson links this piece, written by none other than Bradley K. Martin, indicating that he’s selling his Daedong Credit Bank to the British-based Koryo Group, but will stay on to help manage the bank. As for the issue of Daedong’s much-proclaimed legitimacy, Martin adds what strikes me as a highly salient fact: The minority owner of Daedong Credit is Korea Daesong...
Categories Appeasement/Counterfeiting/Drugs & N Korea/Money Laundering/NK Economics/WMD
September 4, 2006

Kim Jong Il Unplugged, Part 7 (Updated)

[Update: My closing comment below about an expansion of our goals was an understatement: The U.S. Treasury Department, in a shift in its policy toward North Korea, has decided to treat all transactions involving the nation as suspect and subject to sanctions while dictator Kim Jong Il develops nuclear weapons. “Given the regime’s counterfeiting of U.S. currency, narcotics trafficking and use of accounts worldwide to conduct proliferation-related transactions, the line between illicit and licit North Korean money is nearly invisible,”...
Categories Counterfeiting/Money Laundering/NK Economics
August 29, 2006

Kim Jong Il Unplugged, Part 6

From the AP: The financial noose is tightening around North Korea as international banks sever ties with the nation – a move championed by the United States, a top Treasury Department official says. [….] “There is sort of a voluntary coalition of financial institutions saying that they don’t want to handle this business anymore and that is causing financial isolation for the government of North Korea,” Stuart Levey, the Treasury Department’s undersecretary for terrorism and financial intelligence, said in an...
Categories Counterfeiting/Drugs & N Korea/Money Laundering/NK Economics