January 24, 2006
BSP CIRCULAR LETTER
| TO | : | All Banks and Non-Bank Financial Institutions Under BSP Supervision |
| SUBJECT | : | Anti-Money Laundering Council (AMLC) Resolution No. 01 Dated 16 January 2006 |
Pursuant to Anti-Money Laundering Council Resolution No. 01 (Series of 2006) dated 16 January 2006, copy attached, we are furnishing you a copy of the Advisory Notice issued by the United States Department of Treasury. The Advisory Notice seeks to warn all concerned that the Democratic People's Republic of Korea (DPRK), acting through government agencies and associated front companies, is engaged in illicit activities and may be seeking banking services elsewhere following a finding that Banco Delta Asia SARL ("Banco Delta Asia") is a financial institution of "primary money laundering concern".
Based on said Advisory Notice, Banco Delta Asia has provided financial services to North Korean Government Agencies and associated front companies that are known to have engaged in illicit activities. These North Korean entities are said to have engaged in currency counterfeiting, narcotics trafficking, production and dissemination of counterfeit cigarettes, and the laundering of related proceeds, as...
