Administration centre of Delta Asia Financial Group
Delta Asia Financial Group (Portuguese: Banco Delta Ásia S.A.R.L.; traditional Chinese: 滙業銀行; simplified Chinese: 汇业银行; pinyin: Huìyè Yínháng) is a Macau-based bank owned by the Delta Asia Financial Group and founded in 1935 by Au Wing Ngok, father of Stanley Au, the current chairman and majority shareholder.[1] It is the 10th largest bank in Macau with eight branches and 150 employees.[2][3]
In March 2007, the U.S. Treasury ordered U.S. companies and financial institutions to cut links with the bank on account of allegations concerning Banco Delta Asia's business with the government of North Korea, which at that time kept $25 million at the bank in various accounts. The case is considered a notable use of Section 311 the USA Patriot Act to crack down on the use of the international financial system by "rogue states" and "state sponsors of terrorism".[4][5]
Although virtually every bank in Macau handled North Korean funds, U.S. regulators singled out Banco Delta Asia because the shutdown of a smaller bank would create less financial disruption.[6] North Korea was able to gain access to funds deposited at the bank by raising the issue with the United States at the Six-party talks on nuclear weapons technology in Beijing.[2] The sanctions are said to have intimidated other banks from doing business with North Korea and disrupted the country's system for transferring foreign exchange.[5] Macau has responded by stepping up enforcement of anti money laundering laws.[6]
^"Delta Asia Financial Group". Archived from the original on 2008-07-25. Retrieved 2008-06-09.
^ abGreenlees, Donald (2007-09-29). "Blacklisted Bank to Return to Original Owner". The New York Times. Retrieved 2010-04-26.
^China Matters: Stanley Au Makes His Case for Banco Delta Asia
^IBDeditorials.com: Editorials, Political Cartoons, and Polls from Investor's Business Daily – New Sanctions, Unlike The Old, Seem To Work
^ abSqueeze on Banco Delta Asia hit North Korea where it hurt – International Herald Tribune
^ abGreenlees, Donald; Lague, David (2007-04-13). "Trail Led to Macao as Focus of North Korean Corruption". The New York Times. Retrieved 2010-04-26.
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