Wednesday, March 13, 2013

China 'Under Pressure' Over Kim Jong-un's Slush Funds

This is the most important leverage anyone has over the Kim Family Regime.  More than any type of sanctions or military posturing, going after the regime's finances will have the most positive effects.  We saw the effect a measly $25 million had with the Banco Delta Asia operation.  We could do so much more but of course China has to cooperate and it is unlikely they will because the effects they worry about most is that it could lead to regime collapse.

China 'Under Pressure' Over Kim Jong-un's Slush Funds
China has "come under fresh pressure" over North Korean leader Kim Jong-un's slush funds held in dozens of accounts in the country, the South China Morning Post reported on Wednesday.

The daily quoted reports that bank accounts belonging to Kim under borrowed names and amounting to hundreds of millions of dollars have been found in Shanghai and other Chinese cities.

Chinese bankers told the daily that the banks mentioned in the reports not only referred to Shanghai-headquartered banks but also Shanghai branches of foreign banks, the daily added.

"It is up to the central bank's anti-money-laundering unit to investigate suspicious capital flows and deals," it quoted a banker close to the People's Bank of China as saying. "But given the political implications of this matter, the central bank would have to receive direction from the top leadership before taking concrete steps in conducting probes."

It quoted Prof. Du Jifeng from the Chinese Academy of Social Sciences as saying international pressure to impose more sanctions on Pyongyang over the bank accounts "would create a dilemma for China's leaders."
(Continued at the link below)

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