North Korea receives transfer of $25 million

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Wednesday, June 20, 2007

US$25 million of North Korean funds previously frozen in a Macau bank has been transferred to Pyongyang, the North Korean capital. The money was released late last week, and transferred from Macau to the Federal Reserve in New York City, and from there to a Russian bank and then into an account controlled by the North Korean government.

Pressure is mounting from the international community on the Pyongyang government to shut down its Yongbyong nuclear reactor. North Korea has been refusing to move forward due to the freezing of these funds in 2005.