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Bush Blasts N. Korean Counterfeiting

Posted August. 23, 2006 03:23,   


On August 21 (local time), U.S. President George W. Bush made clear that there is no room for any negotiation with North Korea over the issue of counterfeiting U.S. dollars. Bush said, “What kinds of steps do you like to take when you find out someone else is counterfeiting your money?”

On the same day, when he was asked, “Don’t you believe that the U.S. should lift financial sanctions on the North if the U.S. has any intention to bring the isolated communist country back to the six-party talks?” at the press conference, Bush responded, “Counterfeiting the greenback is a serious concern to any president in the international community.”

As President Bush asserted that the six-party talks and financial sanctions on Pyongyang levied by the U.S. are separate issues, the vicious cycle is likely to continue, in which Washington increases the level of sanctions, following Pyongyang’s provocative responses. A source in Washington said, “The Bush administration is closely reviewing possible financial sanctions without Congress approval imposed on the reclusive country in 2000.”

Meanwhile, according to Reuters, Stuart Levey, the U.S. undersecretary of the Treasury for terrorism and financial intelligence, said, “I believe that the North is hiding considerable funds in different bank accounts in many countries across the globe, including Europe. The U.S. continues to encourage financial institutions to carefully assess the risk of holding any North Korea-related accounts.”