US Treasury official presses Hong Kong bankers to help curb NKorean bank access

"US Treasury official presses Hong Kong bankers to help curb NKorean bank access | AboutHK.Com - more information about HK"

JEREMIAH MARQUEZ, AP Business Writer A top U.S. Treasury official met with Hong Kong regulators and bankers Thursday as part of an effort to keep North Korea from using the international financial system to fund its nuclear program and other illicit activities. Stuart Levey, a U.S. Treasury undersecretary who oversees the department's terrorism and financial intelligence section, met with officials from Hong Kong's de facto central bank, the Hong Kong Monetary Authority, the bank said in a brief statement to The Associated Press. The authority refused to release details of the talks. Levey was also meeting with executives from HSBC, the giant London-based lender with major operations in Hong Kong and elsewhere in Asia, according to a person familiar with the matter. The person spoke on condition of anonymity because of the sensitivity of the situation. The meeting was "to remind people that there are regulations," the person said. Levey traveled to China and Hong Kong this week to gain support for U.S. initiatives to curb North Korea's access to banks and businesses to buy and sell missile and nuclear technology. He arrived Monday in China and was meeting with government officials and private sector executives Wednesday through Friday. However, at least one Hong Kong-based bank, the Bank of East Asia, declined to meet with Stuart. "He requested a meeting with us, but unfortunately we were not able to meet with him," said the bank's chief executive, David Li. "We have nothing to do with North Korea." A Treasury spokesperson did not immediately return a message seeking comment. The international community has been struggling to rein in North Korea since the reclusive totalitarian state conducted a nuclear test in May. The U.N. Security Council last month adopted tougher new sanctions, which North Korea defied last week with missile launches. U.S. officials have gone after North Korea's funding before. In 2005, the U.S. imposed financial restrictions on Banco Delta Asia, a bank near Hong Kong in the Chinese territory of Macau, over allegations it helped North Korea with money laundering and other illicit activities. The move effectively cut Pyongyang off from the global financial system, analysts say, because banks in other countries, including North Korean ally China, did not want to jeopardize access to the U.S. financial system. The restrictions were lifted in 2007 to nudge North Korea back to stalled nuclear talks. Comments Please login to post comments or replies.