The Chairman of Delta Asia Financial Group, Stanley Au, indicated in a statement sent to Macau News Agency (MNA) that the lifting of sanctions imposed by US authorities on Delta Asia Bank was the result of ’15 years of an unrelenting effort’ and an important step forward’ for the bank’.
It was reported yesterday by newspaper Tribuna de Macau that the United States Department of the Treasury has decided to rescind the sanctions and restrictions imposed on local bank Delta Asia (Banco Delta Asia or BDA).
On September 15, 2005 the U.S. Department of the Treasury designated BDA as a primary money laundering concern under the USA Patriot Act due to possible involvement with North Korean money laundering and other illegal financial activities, and two years later officially sanctioned BDA and blocked it from the country’s financial system.
The decision seriously crippled the bank’s international operations and led to a run by clients to withdraw deposits from the financial entity, sparking a prolonged legal battle to see the sanctions removed.
In 2013, the bank went forward with judicial and administrative actions against FinCEN, its director, and the US Secretary of the Treasury, demanding that the sanctions be revoked.
A previous motion by the bank to remove the restrictions had been rejected the previous year, but an agreement with the U.S. Treasury Department in June opened the door for a possible de-listing of the bank, which has now finally taken place.
‘I am grateful to those who stood by us through thick and thin in this political saga. Over the years, Banco Delta Asia needed to stay vigilant and sober in the face of adversity in order to survive the tough sanctions and the unequalled peer competition,’ Mr. Au expressed.
According to Mr. Au, US government sanctions will be lifted without further litigation or any admission of liability by any party.
‘The Bank is pleased with this action by the Financial Crimes Enforcement Network (FinCEN) of the U.S. government. This is an important step forward for the Bank and for me personally. This action is a demonstration that perseverance is part of justice and the pursuit of the truth. Even though I have been through a very difficult time, it is time to let go of the past and move forward,’ the bank’s chairman indicated in his statement.
FinCen will also withdraw the Notice of Finding involving Delta Asia Bank, but it will still carry out an evaluation of the financial entity to assess its risk level for money laundering activities before the final decision is made to remove it from FinCen’s blacklist.
‘Both I and the Bank are committed to addressing any concerns of any of our regulators and the U.S. government and to demonstrating that no future regulatory action is warranted. We look forward to continuing our dialogue with FinCen about our ongoing efforts to combat money-laundering in all forms,’ Mr. Au noted.
Mr. Au also thanked the Macau SAR government and the central government for their ‘concern and empathy’ as well as the U.S. Department of Justice for their ‘approach in applying the rule of law’.
The businessman expressed that he will continue to work with his daughter and successor, Ms. Au Lai-chong, in expanding new businesses and ‘turning a new page with a more promising prospect’.
‘When the time is appropriate, we will seek to resume our U.S. dollar business as we continue to develop our private banking services, asset management and overseas property business serving citizens in Hong Kong, Macau as well as the Greater Bay Area,’ he added.
According to Au, he will still lead the Delta Asia Financial Group through its ongoing series of reforms, including full digitalisation of services, renovation of branches and expansion of various financial management products.
‘”Forgive and forget but never forget to forgive”, Indian leader Mahatma Gandhi once said. This, indeed, best describes the way I feel today […] Even though I have been through a very difficult time, it is time to let go of the past and move forward,”‘ Au stated.
‘I am determined to keep the business going and pass it on to my future generations. If God allows me to live on for another 20 years, I wish to nurture entrepreneurs in Macao, drive the development of the small and medium enterprises here, as well as spread the message of the United Nations’ 17 Sustainable Development Goals.’
