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Saturday August 5, 3:00 PMNorth Korea turns to Singapore for bank account-paperSEOUL, Aug 5 (Reuters) - North Korea has turned to a Singapore bank for financial transactions after its money in Macau was frozen by U.S. sanctions, South Korea's Donga Ilbo newspaper reported on Saturday, citing a source in Washington.Washington threatened Banco Delta Asia in Macau with sanctions for allegedly helping Pyongyang launder money and pass counterfeit dollars, and at least $20 million belonging to North was frozen. The state-owned Bank of China has also frozen North Korean-related assets at its Macau branch, U.S. officials have said. Now a small retail bank in Singapore that is believed to be handling North Korea's funds, is under U.S. investigation, Donga said, citing a U.S. government official. It did not provide the bank's name but said it was on the U.S. government's watch list. North Korea denies involvement in money laundering and counterfeiting U.S. currency. |
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