MACAO, Feb. 16 (UPI) -- A Macao bank accused by the United States of laundering North Korea money has agreed to dissolve all ties with the communist nation.
The U.S. Treasury said Banco Delta Asia had acted as a "willing pawn" for North Korea to channel money through Macao.
Macao's authorities took control of the bank last year after fraud claims led to a run on its deposits with customers withdrawing 10 percent of the bank's total deposits.
Officials told the BBC the bank would end ties with North Korean clients and tighten its anti-money laundering procedures.
Many in Washington are said to believe Macao, a former Portuguese territory off the southeast coast of China, has been used as a channel for North Korean smuggling.
The United States, in a dispute with North Korea over its nuclear program, has regularly accused North Korea of state-sponsored fraud including counterfeiting U.S. dollars.
