Jamie Martin: Economic Warfare
The US Treasury used economic warfare against North Korea by targeting Banco Delta Ásia, a bank accused of facilitating North Korea's trade in counterfeit money. The sanctions, which cut off the bank from the US financial system, had a significant impact on North Korea's economy and nuclear program.
In the 1990s, high-quality counterfeit $100 bills, known as 'supernotes', appeared worldwide. The US Secret Service claimed they were printed in North Korea. The US Treasury targeted Banco Delta Ásia, a Macau bank accused of facilitating North Korea's trade in counterfeit money, cigarettes, and narcotics. By labelling it a money launderer, the US Treasury prevented American banks from dealing with it, cutting off access to the US dollar. Most Asian banks ditched Banco Delta Ásia, and the Macau government froze $25 million of North Korean holdings. North Korea withdrew from nuclear talks and tested its first nuclear device the following year. The US government had shown that it too had a powerful new weapon in economic warfare.
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