Press Releases

Treasury Official Visit to Korea Focuses on DPRK Illicit Financing, Strengthening Defenses Against Money Laundering & Financial Crime

January 24, 2006
06-07

Daniel Glaser, the U.S. Department of the Treasury's Deputy Assistant Secretary for Terrorist Financing and Financial Crimes, met in Seoul with South Korean officials on January 23 during a 10-day swing through Asia. Glaser's trip focused on illicit financial activity facilitated by the North Korean government, as well as international efforts to combat money laundering, terrorist financing and other financial crimes.

While in Seoul, Glaser met with officials throughout the Korean government to continue joint efforts to bolster defenses against illicit financial activity in the region. Money laundering, currency counterfeiting and weapons-of-mass destruction (WMD) proliferation finance constitute a grave threat to global security. Glaser discussed US efforts to warn its financial sector of illicit finance threats worldwide, including those emanating from North Korea, and urged the ROK to take similar steps. He stressed the need for rapid practical steps to ensure that financial institutions such as Banco Delta Asia - which the United States has designated a “primary money laundering concern” -
do not provide a facilitative environment for North Korean illicit activities and other criminal conduct.

Glaser praised the serious focus Korea has given to these important issues. Seoul has taken important steps to help protect its financial sector from dirty money -- namely by implementing strong anti-money laundering measures. Glaser urged Korea to further strengthen its regime in the area of WMD proliferation by focusing efforts to financially isolate WMD proliferators and their support networks.

Glaser expressed the U.S. Treasury's willingness to assist Korea in developing a robust anti-money laundering and counter-terrorist financing regime that meets international standards to help protect its financial sector from illicit conduct.

Korea is Glaser's fourth stop of his swing through Asia. Prior to Seoul, Glaser visited Beijing, Hong Kong and Macau. He wraps up his trip after a final stop in Tokyo.