Word: banco
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Dates: during 2000-2009
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...Pyongyang knows a cave-in when it sees one. They brushed aside the "early harvest" proposal as inadequate, demanding still more before they would listen to new denuclearization offers-specifically, the release of $24 million of Pyongyang's funds currently frozen in Macau's Banco Delta Asia on suspicion of North Korean complicity in counterfeiting U.S. currency. Pyongyang's obsession over the past year with repocketing its Macau bag money-a paramount issue on its foreign agenda ever since the accounts were impounded in 2005 by Macau banking authorities under U.S. Treasury scrutiny-is easily explained. Since the North...
...North's closest ally, largest trading partner and aid donor, had frozen North Korean assets held in the Macau branch of the Bank of China. Beijing's clampdown, which took place last year, followed a similar freeze on about $24 million of Pyongyang's cash in another Macau bank-Banco Delta Asia-which the U.S. claimed was funneling money the North earns from drug smuggling and counterfeiting...
...also had some success in cutting off North Korea's access to the international banking system. For the past year, the Treasury Department has put intense pressure on international banks doing business with North Korea. Last year it helped shut down dozens of accounts at the Macao-based Banco Delta Asia, which was suspected of counterfeiting and laundering money for Pyongyang. Some diplomats in Beijing, in fact, suspect that the financial pressure the U.S. has been applying was the main reason for Pyongyang's defiant missile launch...
...largest publicly traded real estate developer in Europe, and the country's biggest banks are reaching out, too. "We haven't seen the end of the expansion of Spanish banks into the rest of Europe," says Herce, citing the Santander Group's 2004 purchase of Abbey National and Banco Bilbao Vizcaya Argentaria's continued search for acquisitions. "They've learned how to collateralize loans, as well as the ins and outs of personal retail banking, and they've gotten very good at it." But what's good for developers and bankers isn't necessarily good for consumers...
...barometer of where the D.R. is headed: the upcoming trial of the six alleged masterminds of the so-called BANINTER (Banco Intercontinental) scandal, in which $2.5 billion was looted. For the first time, scions of some of the most élite families will be in the dock. It's a case expected to go to the D.R. Supreme Court, which has been the focus of recent U.S. efforts at judicial reform. The trial may be just as symbolic of the Dominican Republic's future as the new subway is. If the court's justice isn't perceived as fair...