US embassy cable - 05TAIPEI3867

TAIWAN MONEY BROKERS USE BANCO DELTA ASIA SUBSIDIARY

Identifier: 05TAIPEI3867
Wikileaks: View 05TAIPEI3867 at Wikileaks.org
Origin: American Institute Taiwan, Taipei
Created: 2005-09-19 07:54:00
Classification: CONFIDENTIAL
Tags: ECON PINR KCRM KTFN TW HK Counterterrorism
Redacted: This cable was not redacted by Wikileaks.
This record is a partial extract of the original cable. The full text of the original cable is not available.

C O N F I D E N T I A L TAIPEI 003867 
 
SIPDIS 
 
DEPT PASS TO AIT/W AND USTR 
DEPT FOR EAP/TC, EAP/EP, EB/IFD/OIA AND NKWG 
TREASURY FOR OASIA MOGHTADER AND OCC AMCMAHON 
TREASURY ALSO PASS TO FEDERAL RESERVE BOARD OF GOVERNORS, 
SAN FRANCISCO FRB AND NEW YORK FRB 
 
E.O. 12958: DECL: 09/18/2020 
TAGS: ECON, PINR, KCRM, KTFN, TW, HK, Counterterrorism/Nonproliferation, Finance 
SUBJECT: TAIWAN MONEY BROKERS USE BANCO DELTA ASIA 
SUBSIDIARY 
 
REF: A. TAIPEI 3288 
     B. TAIPEI 3766 
 
Classified By: AIT ACTING DIRECTOR DAVID KEEGAN, REASON 1.5 B/D 
 
(C) Hong Kong professional money laundering investigator 
Peter Gallo (refs) sent an e-mail letter on September 18 to 
AIT/Econ reporting that Delta Asia Credit Limited (the Hong 
Kong subsidiary of Banco Delta Asia, which the U.S. Treasury 
recently publicly designated as a "primary money laundering 
concern") was one of the two Hong Kong companies that had 
been clearing U.S. dollar checks from unlicensed money 
brokers in Taiwan.  The other company was Gallo's client 
bank, a Hong Kong customer of Wells Fargo Bank in San 
Francisco.  Gallo's e-mail warned that the concerns laid out 
in his August 30 letter (ref b) have become more urgent since 
there is now only one company able to clear these U.S. dollar 
checks from Taiwan (his client ceased last month), and it is 
now under threat of imminent closure.  Gallo believes this 
will leave the money brokering business in Taiwan in the 
hands of organized crime. 
KEEGAN 

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