(Archived Content)
2007-3-14-14-28-18-1040
The U.S. Department of the Treasury today finalized its rule against Banco Delta Asia SARL (BDA) under Section 311 of the USA PATRIOT Act. This action bars BDA from accessing the U.S. financial system, either directly or indirectly. Our investigation of BDA confirmed the bank's willingness to turn a blind eye to illicit activity, notably by its North Korean-related clients, said Stuart Levey, Treasury's Under Secretary for Terrorism and Financial Intelligence. In fact, in exchange for a fee, the bank provided its North Korean clients access to the banking system with little oversight or control.
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