Showing posts with label bank of tokyo. Show all posts
Showing posts with label bank of tokyo. Show all posts

Friday, February 16, 2018

As North Korea Sanctions Report Cherry Picked Down to Pits, BOTM Cloaked, Okinawa Echo


By Matthew Russell Lee, VinePeriscope

UNITED NATIONS, February 16 – As the North Korea UN sanctions "experts" report continues to be cherry picked further and further down the food chain, now comes a report focused on coal, pointing the finger at Vietnam, Russia, China, Vietnam and South Korea. Omitted, apparently intentionally, are violations by Japanese companies, like Bank of Tokyo Mitsubishi, as Inner City Press has reported. The reporting is politicized, just as the now exposed reporting about a car crash in Okinawa back in December 2017, complete with similar finger pointing at the Ryukyu Shimpo and Okinawa Times. 

On that one Masato Inui, an executive officer at Sankei Shimbun, is quoted that “We will train our reporters more thoroughly to prevent this happening again and work toward improving the credibility of our reports." And on the other?

 As North Korea says it can't pay its 2018 UN dues because of sanctions on its banks, there are 14 other UN member states at least two years behind in their dues payments, according to Secretary General Antonio's letter less than a month ago. While four of these countries got exemptions from losing their voting power in the General Assembly, ten were stripped of their votes, including oil-rich UN Security Council member Equatorial Guinea. The other countries listed as denied votes for failure to pay are Libya, also under UN sanctions; Venezuela, Suriname, Grenada, Dominica, Dominican Republic, Marshall Islands, Central African Republic and Yemen, being bombed by Saudi Arabia. The four that got exemption and can still vote are Sao Tome and Principe, Comoros, Somalia and Guinea-Bissau, the latter two also on the agenda of the UN Security Council.  While the Democratic Republic of Korea, North Korea's official name, last year paid its UN dues as a "swap," for this year's $180,000 it has told the UN that sanctions are prohibiting the transfer and asks that the UN take action. Vice Minister Pak Myong Guk wrote to UN Department of Management chief Jan Beagle, in a letter obtained by Inner City Press and available in full here on Patreon, that "Last year we paid our contribution to the UN in the form of swap with the operation expenses of the UN agencies in the DPRK, purely out of its position to honor its obligation as a UN member state, but it is an abnormal method which cannot be applied continuously in view of our state law and regulations. I would like to kindly request the UN Secretariat to take measures, in
conformity with its mission with impartiality and independence as lifeline, to secure promptly the bank transaction channel through which the regular payment of the DPRK’s contribution is made possible." We'll have more on this. Back on January 17 when the UN's Committee on Relations with the Host Country met, the representative of the Democratic People's Republic of Korea read a three-page statement condemning the US for issuing his Mission to the UN's tax-exempt card in the name "North Korea" and not Democratic People's Republic of Korea. He said, "We presumed it would be only a kind of technical mistake by the U.S. side, and returned the card back to the U.S. mission, while requesting them to correct that serious mistake." The statement, which Inner City Press has exclusively obtained immediately after the meeting (photos here, full PDF of letter via Patreon, here) continued that the U.S. mission replied, "It seems to be a glitch in our database, we'll reach out to our office in DC." That was on December 13, the statement said, continuing: "on 14th December there was an explanation from the U.S. mission informing that, quoted as 'Our DC office has indicated that all country / mission names on OFM credentials for Democratic People's Republic of Korea indicate North Korea which is the conventional short abbreviation. The short name for the Democratic People's Republic of Korea is North Korea, so the tax card will remain the same." The statement concluded by condemning "such reckless political hostile policy" and demanded an apology. Watch this site. Throughout 2016 New Zealand documentary maker Gaylene Preston and her crew staked out the UN Security Council along with Inner City Press, awaiting the results of the straw polls to elected Ban Ki-moon's sucessor as UN Secretary General. Preston's focus was Helen Clark, the former New Zealand prime minister then in her second term as Administrator of the UN Development Program. Preston would ask Inner City Press after each poll, What about Helen Clark's chances? Suffice it to say Clark never caught fire as a candidate. Inner City Press told Preston, as did many other interviewees in her documentary “My Year with Helen,” that it might be sexism. But it might be power too - including Samantha Power, the US Ambassador who spoke publicly about gender equality and then in secret cast a ballot Discouraging Helen Clark, and praised Antonio Guterres for his energy (yet to be seen). Samantha Power's hypocrisy is called out in Preston's film, in which New Zealand's Ambassador complains that fully four members of the Council claimed to be the single “No Opinion” vote that Clark received. There was a private screening of My Year With Helen on December 4 at NYU's King Juan Carlos Center, attended by a range of UN staff, a New Zealand designer of a website for the country's proposal new flag, and Ban Ki-moon's archivist, among others. After the screening there was a short Q&A session. Inner City Press used that to point out that Guterres has yet to criticize any of the Permanent Five members of the Council who did not block him as the US, France and China blocked Clark, with Russia casting a “No Opinion.” And that Guterres picked a male from among France's three candidates to head UN Peacekeeping which they own, and accepted males from the UK and Russia for “their” top positions. Then over New Zealand wine the talk turned to the new corruption at the UN, which is extensive, and the upcoming dubious Wall Street fundraiser of the UN Correspondents Association, for which some in attendance had been shaken down, as one put it, for $1200.  The UN needed and needs to be shaken up, and hasn't been. But the film is good, and should be screened not in the UN Censorship Alliance but directly in the UN Security Council, on the roll-down movie screen on which failed envoys like Ismail Ould Cheikh Ahmed are projected. “My Year With Helen” is well worth seeing.

Friday, November 17, 2017

Japan's Bank of Tokyo - Mitsubishi Skirts North Korea Sanctions With "Incorrect" Application to US OCC, Public Excluded


By Matthew Russell Lee, Photo

UNITED NATIONS, November 17 – Amid talk of increased enforcement of sanctions on North Korea, and possible imposition of new sanctions against Myanmar, a November 13 letter from the New York State Department of Financial Services cites Bank of Tokyo-Mitsubishi for “continuing compliance failures in Hong Kong, which has a 'repeat transaction' program for certain high risk clients in Chinese cities bordering North Korea. The repeat transaction program results in not more but less scrutiny of these clients transactions.” 

The NYSDFS letter also notes that BTMU has processed transaction through its New York branch for “Burmese parties” on the OFAC sanctions list. How did Bank of Tokyo-Mitsubishi react to the New York regulator's investigation of these issues? It applied on October 30 to switch to the more lax Office of the Comptroller of the Currency and had its application approved in a mere week, then threw the state regulators out of its New York branch on Sixth Avenue. All this just a few blocks from the United Nations whose Security Council, on which Japan has a seat until the end of the year, has imposed rounds of sanctions on North Korea for its nuclear weapons program, and was set to vote for a new UN Special Envoy on Myanmar, or Burma, on November 16. What's going on? 

Now Inner City Press can exclusively report a further outrage, not included in the NYSDFS letter nor a Wall Street Journal article which quoted it. The OCC gave its approval in a week even while belatedly listing Bank of Tokyo - Mitsubishi's filings under "THESE APPLICATIONS APPEARED INCORRECTLY IN A PRIOR WEEKLY BULLETIN." Photo here; link to Bulletin here. The public, as is the trend under the OCC, was cut out. The face savings compliance agreement, here, does not cure or address this. The OCC is lax not only in sanctions compliance and absurdly short comment periods on corporate applications - it also markets itself to banks as being “flexible” on other compliance issues including the U.S. Community Reinvestment Act. Recently the OCC announced that even a rare less than satisfactory CRA rating would not bar approval of a bank's application, click here for that Inner City Press coverage. A new Comptroller, Joseph Otting formerly of OneWest Bank, is set to be confirmed by the U.S. Senate this week, even while the OCC has refused to answer a pending Press (and CRC) request under the Freedom of Information Act. A lawsuit has now been filed. What will a FOIA request into the OCC's communications with Bank of Tokyo - Mitsubishi yield? Watch this site.