Pyongyang (North Korea), Mar 15(ANI): The Supreme Leader of North Korea, Kim Jong-il, reportedly has a four billion dollar 'emergency fund' hidden in European banks' secret accounts to utilize if he has to escape in the event of a military invasion by forces from the United States and South Korea.
According to reports, much of the money was held in Swiss banks until authorities there began to tighten regulations on money laundering.
It is believed that Kim's operatives then withdrew the money in cash, and have transferred it to banks in Luxembourg without leaving any trace.
The money is said to be the profits from North Korea selling its nuclear and missile technology, dealing in narcotics, insurance fraud and the counterfeiting of foreign currency.
"I believe this is the most extensive money-laundering operation in the history of organised crime, yet the final destination of the funds has not been given the proper attention it deserves," said The Telegraph quoted Ken Kato, the director of Human Rights in Asia, as saying.
"Somewhere in the world, there are bankers who are earning a large sum of money by concealing and managing Kim Jong-il's secret funds, and at the same time, almost nine million people in North Korea are suffering from food shortages."
"I believe the secret bank accounts are now in Luxembourg, or have recently been transferred from Luxembourg to other tax havens," he added. (ANI)
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