The Unz Review • An Alternative Media Selection$
A Collection of Interesting, Important, and Controversial Perspectives Largely Excluded from the American Mainstream Media
 BlogviewPeter Lee Archive
The Last Laugh V1.3444567 and V1.3444568
Email This Page to Someone

 Remember My Information


Bookmark Toggle AllToCAdd to LibraryRemove from Library • B
Show CommentNext New CommentNext New ReplyRead More
ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
These buttons register your public Agreement, Disagreement, Thanks, LOL, or Troll with the selected comment. They are ONLY available to recent, frequent commenters who have saved their Name+Email using the 'Remember My Information' checkbox, and may also ONLY be used three times during any eight hour period.
Ignore Commenter Follow Commenter
Search Text Case Sensitive  Exact Words  Include Comments
List of Bookmarks

I inquired to Treasury concerning the fate of the petition to Treasury by Banco Delta Asia’s parent group to rescind the final rule directing U.S. financial institutions not to do business with BDA.

In its final rule, Treasury had advised that it didn’t matter how BDA tweaked its operations as long as Stanley Au remained chairman because Mr. Au, was, in Treasury’s view, too close to North Korea and potentially a recidivist ratbag.

(In May I provided a full rundown of the regulatory and legal rigamarole surrounding the rule, including a link to the text of the petition. It’s available here.)

Treasury kindly advised:

FinCEN has responded to the petition and the final rule remains in place.


Well, maybe not.

Thanks to sharp-eyed commentator David, we learn from AFP:

The Macau bank, which had held millions of dollars in North Korea assets stalling a nuclear disarmament for months, can resume control of its operations, government officials said Friday.

Due to the “remarkable improvement” made in the bank’s management by the government, the Macau authorities said it will return control of BDA to chairman, Stanley Au, with effect from Saturday.

Macau’s encomium to the managers at BDA can, I think, be taken as a direct rebuke to the U.S. Treasury Department’s muddled and/or demeaning justification for keeping the final rule in place even after both the bank and the Macau government had instituted remedial measures to tighten anti-moneylaundering controls in response to 18 months of high-profile bullying by Treasury’s Office of Terrorism and Financial Intelligence

After all, Treasury was saying the only reason that BDA couldn’t resume normal transactions with U.S. financial institutions was that Stanley Au couldn’t be trusted and, more to the point, the Macau Monetary Authority couldn’t be trusted to keep an eye on him, either

And Treasury just reconfirmed that position by rejecting the BDA petition.

So Macau goes out of its way to declare what a “remarkable” job BDA and, by implication, the Macau Monetary Authority are doing.

Gotcha back!

I suppose the next step for BDA is to try to get a hearing in the U.S. courts on the grounds that the Treasury rule was capricious and arbitrary. Good luck with that.

I think that the mindless bray of Simpsons troglodyte Nelson Muntz (courtesy of Nancy Cartwright’s website) will serve as the suitable epitaph for this fiasco, no matter how long it drags on or who finally gets the last laugh.

(Republished from China Matters by permission of author or representative)
• Category: Foreign Policy • Tags: BDA, North Korea, Treasury 
Current Commenter

Leave a Reply - Comments on articles more than two weeks old will be judged much more strictly on quality and tone

 Remember My InformationWhy?
 Email Replies to my Comment
Submitted comments have been licensed to The Unz Review and may be republished elsewhere at the sole discretion of the latter
Commenting Disabled While in Translation Mode
Subscribe to This Comment Thread via RSS Subscribe to All Peter Lee Comments via RSS
The Surprising Elements of Talmudic Judaism
Analyzing the History of a Controversial Movement
How America was neoconned into World War IV