Reports suggest that North Korea\u2019s funds in BDA will be solved and remitted through the Bank of Russia and the U.S. <\/p>\n
Foreign sources informed on the 12th that the funds will be resolved by the U.S Federal Reserve Bank of New York and the Bank of Russia. It is quite remarkable that a non-Korean bank has taken the lead in solving this matter.<\/p>\n
Further, according to foreign sources, U.S. Assistant Secretary, Christopher Hill recently visited South East Asian regions and China proposing an agenda to solve the BDA issue.<\/p>\n
On June 5th, Alexander Losyukov, Russia\u2019s Deputy Foreign Minister revealed that Russia could act as the intermediary bank and remit North Korea\u2019s funds if the U.S. could guarantee that no problems would arise as the funds were being transferred.<\/p>\n
There should not be any problems in solving the BDA issue if the Bank of Russia becomes involved with the U.S., as long as the February 13 Agreement is followed through and a 4 stage resolution through a commercial bank is possible. Nonetheless, as the purpose of the six party talks is not the BDA issue but dismantling North Korea\u2019s nuclear armaments, it would be best to make actions sometime soon.<\/p>\n
In the past, the U.S., Korea and China have been going to great lengths to resolve the BDA issue. In particular, the U.S. has taken extra lead in order to solve the problem. However, with concerns that North Korea\u2019s funds are associated to illegal acts and money laundering, it has been difficult for any bank to get involved. <\/p>\n
Finally, a proposal has been made between U.S. and Russian banks after a multitude of government vicissitudes. This collaboration between the U.S., China and Russia may just be the best solution yet. <\/p>\n
Undoubtedly, there are a still few barriers to overcome. First, while the U.S. and Russia investigates whether the banks could mediate North Korea\u2019s in BDA, there must also be confirmation of legal issues. It is still difficult to be optimistic as the U.S. Wachovia Bank had already once considered mediating the remittances, only to be cancelled in the end. <\/p>\n
Regarding this issue, Professor John Park of the United States Institute of Peace recently indicated that the problem may not arise in the one transfer of North Korea\u2019s BDA funds. Rather issues may arise after the transfer when the Bank of Russia tries to acquire trust with other banks. However, this is not something the U.S. can be accountable for, nor provide a warrant against. <\/p>\n
The second issue is whether North Korea will agree to this transaction. Though it will be difficult for North Korea to reject a proposal made by three foreign channels, the U.S., Russia and China, one cannot deny the possibility that North Korea may just take another avarice stance. <\/p>\n
However, if the BDA remittance does break through the barriers of the international financial market, then North Korea will really have something to be thankful for. Moreover, the six party talks which was designed to dismantle North Korea\u2019s nuclear facilities has no connection to the illegal funds in BDA and the remittance issue. <\/p>\n
The problem in the BDA issue lies in whether North Korea manufactured counterfeit money and then used it in BDA. If the U.S. appeals for the surrender of an aggressive North Korea policy without any connections to the six party talks and dismantle of nukes, then North Korea would have simply gained the BDA funds after making a fuss.<\/p>\n
Moreover, if a resolution is made between the U.S. and the Bank of Russia, North Korea must not make any more requests and simply accept the offer. <\/p>\n
In truth, the proper way to solve the BDA issue lies in North Korea\u2019s actions. First, North Korea should reveal the names of the 52 account holders, then the funds in BDA should be transferred directly to the individuals. Following, the names need to be confirmed and warranted by a third party, namely the Bank of China and then trust built while conducting honest transactions in the international financial market. This is the proper and the fastest way in reviving financial trust.<\/p>\n
However, it seems that North Korea is in a position where it cannot reveal the names of the account holders as if this procedure is followed, the illegal funds concerned with weapons, trafficking of drugs and the \u201cdictators\u201d personal use of money will all be revealed.<\/p>\n
As a result, members of the six party talks must make North Korea realize that this is the final measure. North Korea must realize that if it accepts the solution by the U.S. and the Bank of Russia while making additional requests and further delaying the February 13 Agreement, then all responsibility will be placed on North Korea.<\/p>\n
It is now time for a “Red Line” to be drawn on the BDA issue. The \u201cRed Line\u201d marks the ultimate final straw in which the U.S. will take in the case its current North Korea policy fails. This line could be in the form of a more aggressive policy to the North. <\/p>\n","protected":false},"excerpt":{"rendered":"
Reports suggest that North Korea\u2019s funds in BDA will be solved and remitted through the Bank of Russia and the U.S. Foreign sources informed on the 12th that the funds will be resolved by the U.S Federal Reserve Bank of New York and the Bank of Russia. It is quite remarkable that a non-Korean bank […]<\/p>\n","protected":false},"author":166,"featured_media":4380,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wikipediapreview_detectlinks":true,"footnotes":""},"categories":[644],"tags":[],"class_list":["post-4378","post","type-post","status-publish","format-standard","has-post-thumbnail","category-analysis-and-opinion"],"yoast_head":"\n