Money Laundering - US Department of State

Money Laundering


Banco Delta Asia is alleged to have helped North Korea launder money and handle counterfeit U.S. currency. (© AP/WWP)

Ruling on Macau Bank Unlikely To Derail North Korea Talks

The U.S. Treasury Department’s ruling on Banco Delta Asia in Macau is not expected to affect adversely the February 13 Six-Party Talks agreement on North Korea’s nuclear program, U.S. officials say. Assistant Secretary of State for East Asian and Pacific Affairs Christopher R. Hill says he is “pretty convinced” the issue of the funds will not pose a problem for the Six-Party Talks on the North Korean nuclear program and that North Korea will proceed with the promised shutdown and eventual abandonment of its nuclear program. (complete text)

Conference To Discuss Surge of Remittances to Developing World

A November 13-14 international conference on remittances, to be held in London, will discuss how these money transfers have become the world's “largest financial flow” to developing countries.

The scheduled participants at the conference, co-sponsored by the World Bank, include an analyst from the FBI and a representative from the U.S. Treasury Department. The Treasury official will discuss such issues as the promotion of access to finance and the agency's efforts against money laundering. (complete text)

Money-Laundering Cell of Mexican Drug Cartels Identified

Washington -- The U.S. Treasury Department's Office of Foreign Assets Control has identified 34 companies and individuals associated with two Mexican drug cartels, the Arellano Felix Organization and the Arriola Marquez Organization, under the Foreign Narcotics Kingpin Designation Act (commonly known as the Kingpin Act).

In a July 12 press release, the Treasury Department announced the designation of these 34 entities and persons, and noted that both the Arellano Felix Organization and the Arriola Marquez Organization were named previously by President Bush as Mexican drug kingpins, as defined by the Kingpin Act. (complete text)