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US-China Talks on Banking Makes No Progress

Written: 2007-06-02 14:01:26Updated: 0000-00-00 00:00:00

U.S. talks with Chinese officials on the BDA issue have not produced a resolution to the delayed transfer of North Korean funds at Macao's Banco Delta Asia bank, spelling further delays in the North's denuclearization process.

The U.S. State Department said Friday that there was no breakthrough or anything new to come out of the discussions on the subject in Beijing.

A State Department spokesman said that it's taking a great deal of time, noting that there are a lot of technical complications to address.

Assistant Secretary of State Christopher Hill, top U.S. envoy to the six-party talks, went to Beijing at the end of his tour through Asia to try to untangle the delayed transfer involving 25 million dollars in North Korea-related funds.

The BDA had frozen the funds soon after the U.S. Treasury accused it in late 2005 of laundering money for Pyongyang. Washington issued a ruling in April this year to prohibit American financial institutions from doing business with the small private bank, which has now complicated North Korea's demands that it be able to transfer the 25 million dollars to a third country through a U.S. bank.

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