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North Korea

North Korean Dirty Money, American Silence - A View From China

Why has Washington stayed so quiet about South Korean allegations of secret North Korean bank accounts?

He's in the money
He's in the money

BEIJING - On March 12, the Chosun Ilbo, one of South Korea's leading newspapers, published an exclusive report claiming that "both South Korea and the U.S." have confirmed that North Korea possesses hundreds of overseas bank accounts in dozens of countries including China and Singapore. The sum amounts to $4 to 5 billion. This allegation includes amounts far larger than when in 2005 the United States, through the Macau authorities, froze the $25 million of funds that North Korea had deposited in the Banco Delta Asia (BDA), and this with the cooperation of China.

Despite UN Security Council resolutions and opposition from nearly the entire international community, North Korea has gone ahead with three nuclear tests and a series of rocket launches. The UN Security Council has now passed four resolutions -- in 2006, 2009, and two in 2013 -- and has also imposed increasingly stringent financial sanctions against Pyongyang. Meanwhile, beyond the UN resolutions, the United States and Japan have also imposed separate sanctions focused on North Korea's financial sector.

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Work In Progress

Work → In Progress: The Ripples Of Ukraine War On The World Of Work

Jobs for Ukrainian refugees, too busy to quit in Hong Kong, the rise of 'asynchronous' work....and more

Since Russia’s invasion of Ukraine in February, the working world — still recovering from the global pandemic, no less — was dealt a sizeable blow, from ripple effects of unemployment to supply chain disruptions to office campaigns to support the victims of the war.

Of course, the most immediate impact of the war is inside Ukraine itself, which UN News estimates has lost 4.8 million jobs. The immediate impact has also been felt across the global economy, as energy embargoes and grain blockades have undermined the most basic elements of life. Meanwhile, the influx of refugees has put newfound pressure on labor markets in certain countries.

But as the war unfolds before us on our screens, business in Western countries have also felt compelled to get involved, often with spontaneous initiatives to offer help. In the UK, for example, several companies have put pressure on the government to make it easier on refugees, and have offered jobs themselves to Ukrainian refugees. Some are going even further by offering relocation and other assistance.

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Central to the tragic absurdity of this war is the question of language. Vladimir Putin has repeated that protecting ethnic Russians and the Russian-speaking populations of Ukraine was a driving motivation for his invasion.

Yet one month on, a quick look at the map shows that many of the worst-hit cities are those where Russian is the predominant language: Kharkiv, Odesa, Kherson.

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