FinCEN to Lift 13 Year Old Sanctions on Macau’s Delta Asia Bank

Source: Regulation Asia Editors, Regulation Asia 2020-08-13

The sanctions were imposed under the USA Patriot Act in 2007 due to the bank’s suspected involvement with North Korean money laundering and other illegal financial activities.

FinCEN (Financial Crimes Enforcement Network), a unit of the US Treasury, reportedly has decided to lift sanctions and other restrictions on Macau-based bank Banco Delta Asia SARL.

The move comes 13 years after sanctions were first imposed on the bank under the USA Patriot Act over its alleged involvement in money laundering for the North Korean government.

FinCEN on Monday (10 August) said it was withdrawing its September 2005 finding that Delta Asia was a “foreign financial institution of primary money laundering concern.” The sanctions had been imposed two years later, in 2007.

Delta Asia Financial Group chairman Stanley Au said the lifting of the was the result of “15 years of an unrelenting effort” and an important step forward for the bank.

“I am grateful to those who stood by us through thick and thin in this political saga. Over the years, Banco Delta Asia needed to stay vigilant and sober in the face of adversity in order to survive the tough sanctions and the unequalled peer competition,” he said.

FinCen will carry out an evaluation of Delta Asia’s money laundering risks before the decision is published. The sanctions will be lifted without further litigation or any admission of liability by any party.

“When the time is appropriate, we will seek to resume our U.S. dollar business as we continue to develop our private banking services, asset management and overseas property business serving citizens in Hong Kong, Macau as well as the Greater Bay Area,’ Au said.

FinCEN to Lift 13 Year Old Sanctions on Macau’s Delta Asia Bank

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