Japanese sanctions against North Korea
On November 21, 2006, Japanese Finance Minister Koji Omi has said that Japan plans maintaining its financial sanctions against North Korea in spite of a report that China has lifted a freeze on approximately half of assets of North Korean accounts in a Macao bank that purpotedly were connected with money-laundering operations for North Korea.
Finance Minister informed that Japan would continue imposing financial sanctions to demonstrate the international society’s attitude against North Korea’s nuclear development. Also, he claimed not to heard of the report about China’s move. Japan’s economic sanctions, including a ban on remittances to 15 entities and 1 individual are supposed to be related to North Korean programs for missiles and weapons of mass destruction.
After in September 2005 the USA declared that the bank in Macao was a prime mover in money-laundering for North Korea, China froze USD 24 million worth of assets held by North Korea at Banco Delta Asia. However, on November 20, 2006, China lifted the freeze on less than USD 12 million of the the country’s holdings.
The above-mentioned is much about politics, however, here it serves to exemplify the ways the international community is ready to fight money laundering – serious financial sanctions includingly.