US, N. Korea reach understanding on frozen assets

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March 19, 2007 03:20

 
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The United States and North Korea have resolved a dispute over US$25 million in frozen North Korean funds, US Deputy Assistant Treasury Secretary Daniel Glaser said Monday. Glaser said the funds would be transferred to a Bank of China account in Beijing to be used for education and humanitarian purposes in North Korea. The North Korean deposits have been frozen in Banco Delta Asia since Washington blacklisted the tiny, privately run Macau-based bank 19 months ago on suspicion the funds were connected to money-laundering or counterfeiting. Washington promised to resolve the issue by mid-March as part of an agreement last month on North Korea's nuclear disarmament. On Saturday, North Korea's nuclear envoy said Pyongyang would not shut down its main nuclear reactor until the funds were released.

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