The United States has ended an investigation of a Macau-based bank suspected of helping North Korea launder money from illicit activities. In wrapping up its investigations, the U.S. banned U.S. banks from doing business with the bank, but left up to Macau authorities the decision on what to do with $25 million of North Korean assets frozen at Banco Delta Asia.
The move, which could lead to at least partial lifting of financial sanctions against North Korea, shows that the U.S. is taking a flexible approach to the financial sanctions issue in an attempt to induce North Korea to move forward in denuclearization. U.S. mass media have reported that $8 million to $12 million of the frozen assets will be released.
Under a document adopted Feb. 13 by member states of the six-party talks, North Korea is to shut down and seal the Yongbyon nuclear facility within 60 days as an initial-phase step, and invite back International Atomic Energy Agency personnel to conduct necessary monitoring and verifications.