Banco Delta Asia (BDA), a Macao-based bank, on Friday denied charges from the US government of its involvement in money laundering cases.

Wong Kai Fun, chief operating officer of Delta Asia Financial Group (BDA's parent company), told a press conference that the money laundering accusation is baseless.

"We are surprised at such allegation," Wong noted.

He said BDA has not been approached by any US agencies in anyway in relation to any of the dealings with banks and trading companies of the Democratic People's Republic of Korea (DPRK).

BDA has an over 30-year-long business relationship with a number of DPRK banks and trading companies, said Wong, adding that however,the bank has always strictly followed international regulations which are aimed at eliminating money laundering.

"We welcome the inspection from the Monetary Authority of Macao (MAM) and the US Department of Treasury," Wong said.

Stuart Levey, the US treasury under secretary for terrorism and financial intelligence (TFI) Thursday said in his report published on the web-page of the Department of Treasury that BDA has aided DPRK in series of money-laundering cases.

The BDA, established in Macao in 1935, currently operates eight branches and four offices in the special administrative region and Delta Asia Financial Group, BDA's parent company, has subsidiaries and offices in Hong Kong, Tokyo and the Chinese city of Zhuhai.

Source: Xinhua