Report: S. Korea mulls accepting N. Korean funds

May 7, 2007 05:02

South Korea is considering having a state-run bank accept North Korean money at the center of a financial dispute that has stalled international negotiations on Pyongyang's nuclear program, a news report said Monday. A security ministers' meeting last week discussed giving North Korea an account with the South's Export-Import Bank of Korea so that the communist nation can transfer its US$25 million (€18.4 million) there from a U.S-blacklisted Macau bank, the Chosun Ilbo newspaper reported. The North could then transfer the funds to banks in third nations, the report said, citing an unidentified official. The meeting at the presidential Blue House included the nation's finance and justice ministers, unusual participants for a security ministers' meeting, the report said.

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