North Korea Reportedly Has $4 Billion In European Banks

If this is true, the North Korean regime has a lot more hard cash in reserve than I thought:

North Korean leader Kim Jong-il has US$4 billion hidden in secret accounts in European banks to continue his lavish way of life if he is forced to flee the country, the Sunday Telegraph reported.

“The money is the profits from impoverished North Korea selling its nuclear and missile technology, dealing in narcotics, insurance fraud, the use of forced labour in its vast gulag system, and the counterfeiting of foreign currency,” the British daily said. “Much of the money was held in Swiss banks until authorities there began to tighten regulations on money laundering.”

“Kim’s operatives then withdrew the money — in cash, in order not to leave a paper trail — and transferred it to banks in Luxembourg,” it added.

Swiss banks kept customers’ account information in closely guarded secret even in the case of criminals until Switzerland signed information exchange agreements with the U.S., France and other countries after the G20 summit in London last April warned that sanctions could be imposed on nations that refuse to cooperate.  [Chosun Ilbo]

You can read more at the link, but it is ridiculous that these banks are not sharing information in regards to the ill gotten money of the North Korean regime.

– See more at: http://webcache.googleusercontent.com/search?q=cache:LtyqiVMSwZ8J:rokdrop.com/page/648/%3Fchocaid%3D397+&cd=11&hl=en&ct=clnk&gl=us#sthash.LhGd9CCh.dpuf