North Korea’s BDA Funds Could Be Transferred to Pyongyang Soon

North Korea’s BDA Funds Could Be Transferred to Pyongyang Soon. May. 14, 2007 07:45. klimt@donga.com.

The Washington Times reported on May 11 that the Bush administration finally found an American bank willing to deal with transfer of North Korea’s $25 million frozen by the U.S. in Banco Delta Asia (BDA) and that the transfer will be made within a few days. Disputes over the money have been a stumbling block to resolving the North Korean nuclear issue.

The administration had been struggling to find a bank willing to transfer the funds to Pyongyang. But no bank came forward to do the transaction of the money that is considered illegal.

However, lawyers of the U.S. State Department and the Treasury Department said that, now that they found an American bank, they are searching for the best way to transfer the funds to North Korea without violating U.S. laws.