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Non-Traditional Security Issues in North Korea$
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Kyung-Ae Park

Print publication date: 2013

Print ISBN-13: 9780824837396

Published to Hawaii Scholarship Online: November 2016

DOI: 10.21313/hawaii/9780824837396.001.0001

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Securitizing Transnational Organized Crime and North Korea’s Non-Traditional Security

Securitizing Transnational Organized Crime and North Korea’s Non-Traditional Security

Chapter:
(p.75) Chapter 4 Securitizing Transnational Organized Crime and North Korea’s Non-Traditional Security
Source:
Non-Traditional Security Issues in North Korea
Author(s):

David C. Kang

Publisher:
University of Hawai'i Press
DOI:10.21313/hawaii/9780824837396.003.0004

This chapter narrates the sanctioning of a small bank in Macao named Banco Delta Asia (BDA) for allegedly laundering money for the Democratic People’s Republic of Korea (DPRK). The bank was frozen out of global credit markets as other banks worried about the reputational effect of working with the BDA. However, eighteen months later, the BDA case was quietly resolved, and much of North Korean money in BDA bank accounts was transferred to different banks at North Korean request. The case shows that questions of measuring North Korean illicit activities can quickly become politicized: under- or overestimation of the amount of illicit activity is believed to reflect prior political biases of the author reporting them.

Keywords:   Banco Delta Asia, Democratic People’s Republic of Korea, DPRK, Korean money, bank accounts, political biases, global credit markets

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