ROK Drop

Avatar of GI KoreaBy on October 6th, 2008 at 10:07 pm

Geumgang Resort Used to Launder Counterfeit US Currency

» by in: North Korea

I surely hope no one is surprised by the fact that North Korea was using the Geumgang Tourist Resort to launder counterfeit money:

A governing party lawmaker claimed Sunday that the Ministry of Unification tried to cover up the existence of counterfeit U.S. dollar bills in circulation in the Mt. Geumgang tourist zone in North Korea.

Rep. Lee Jung-hyun of the Grand National Party (GNP) said that 62 counterfeit U.S. dollar bills ? 61 one-hundred dollar bills and one 50-dollar bill ? had been identified as being in circulation in the Mt. Geumgang tourist zone, including hot springs and duty-free shops since 2005.

According to documents released by Hyundai Asan and National Agricultural Cooperative Federation, 12 counterfeit dollar bills were reported in 2005 in the area; 36 in 2006; and 14 in 2007.

“The Ministry of Unification consistently denied it. But suddenly it changed its attitude and said recently that it found 10 counterfeit bills, following my tenacious questioning about it,” the lawmaker said.  [Korea Times]

North Korea has long been a source of some of the best counterfeit US bills in the world.  Their counterfeiting activities nearly derailed the six party nuclear talks until the US State Department agreed to launder their counterfeit currency for them.

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  • In Seoul
    8:09 pm on October 6th, 2008 1

    This is pretty normal for the Korean Peninsula. Should we be surprised?

  • CalmSeas
    2:42 am on October 7th, 2008 2

    As long as we play with "Kid Gloves" on, our enemies will continue to run circles around us, because they are not worried about playing by the rules.

    Once again, with feeling…"We have to out-terrorist, the terrorist." :cool:

  • Kalani
    10:45 am on October 7th, 2008 3

    The key point is that it is the SOUTH KOREAN tourists that are circulating this counterfeit cash. Hmmm… Where do you suppose they got those bills?

  • OneFreeKorea » Lee’s N. Korea Policy Will Be, as Lee Says, ‘Pragmatic.’
    6:03 am on October 8th, 2008 4

    [...] we’ve made progress since the time, not long ago, when the Unification Ministry covered up the presence of counterfeit $100 bills at the Kumgang Resort in North Korea.  It had been doing this since at least 2005.  What’s [...]


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