The issue of the transfer of North Korea’s illicit $25 million of fund in Banco Delta Asia (BDA) – unfrozen since at least 10 April – not moved sooner at least partially due to Chinese fumbling, and in which the U.S. first asked American bank Wachovia to assist with (Wachovia declined), and in which South Korea offered to help transfer, may finally be moving from BDA via the U.S. to Russian bank, per a request from the U.S.:

Russia has accepted a U.S. request to help facilitate the transfer of US$25 million in “tainted” North Korean funds to get the communist country to keep its promise of dismantling its nuclear weapons program, South Korean sources said Sunday.

[…]

To carry out the international money transactions, the U.S. is expected to temporarily bend its rules banning American banks from dealing with the Macau bank, said another South Korean government source, also on condition of anonymity.

The name of a U.S. bank, which will play the “intermediary role,” will not be disclosed to help smooth the process, the source said, adding it would not be Wachovia Corp., the fourth largest U.S. bank that once considered helping with the fund transactions. (emphasis added)

Bending some rules? All I can say to that is that the Bush administration had better make good with what they’ll have in the next round of this issue, or they will lose what little credibility they have left.