With Friends Like The Brits, The U.S. Does Not Need Enemies

By The Terror Finance Blog | by Dr. Rachel Ehrenfeld
Monday, January 1st, 2007 @ 4:55AM

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According to the London Times, “Kim Jong Il, the North Korean dictator, is planning to use the London gold market to circumvent financial sanctions imposed by the international community.”

In October, 2007, after North Korea detonated a nuclear device, the UN passed a unanimous resolution imposing financial sanctions on the directorship. However, the financial sanctions exclude gold sales, thus giving the North Korea access to huge amounts of money necessary for the development of nuclear weapons.

The Times story details how the London Bullion Market Association is going to facilitate Kim Jong Il’s dream. “Korean goldmining aspirations are being assisted by foreign investors who see opportunities there. Colin McAskill, the chairman of Koryo Asia and investment adviser to the Chosun Development & Investment Fund, which was established last year to invest in North Korea, said: “One of the priorities of the fund is to redevelop the goldmining and other mineral industries and bring the product back through London.” This would “be a blow to American efforts to limit Mr Kim’s ability to pay for weapons of mass destruction and nuclear materials. The US Treasury gave warning last year that North Korea was using international banks to launder the proceeds from currency counterfeiting and drug and weapon sales. The Government of Macau subsequently froze $24 million held by the Banco Delta Asia.”

Roger Barrett, the 53 year-old British businessman who runs the Beijing based Korea Business Consultants, opened his Pyongyang office in 2002, after the ‘Dear Leader’ announced “economic reforms.” Barrett advises 250 foreign companies that invest in North Korea, and encourages others to join because “It’s an exciting time to join the market.” In December 2000, The UK, pleased with North Korea’s “progress,” decided “to establish resident missions in each other’s capital.”

According to the Foreign Office website, “The UK has provided English language and human rights training for DPRK officials in the UK.” Although the Foreign Office notes that “In January 2005, US Secretary of State Condoleezza Rice labelled North Korea an ‘outpost of tyranny’ alongside Iran, Cuba, Burma, Belarus and Zimbabwe,” the Brits add that “DPRK considered these remarks to be inflammatory, likening them to the ‘Axis of Evil’ label.”

But that does not dissuade our good allies, the Brits. Instead, they seem to have adopted Louis XV’s attitude: “Apres moi, le deluge.”

Categories: U.S. Policy

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