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UN Credit Union Solicits N Korean Business & UNA-USA Accounts, After Sanctions Settlement

By Matthew Russell Lee, Exclusive

UNITED NATIONS, May 11 – The UN Federal Credit Union, regulated by the US National Credit Union Administration, openly solicits the business of both North Korean employees of the Democratic People's Republic of Korea's mission to the UN and the members of the UN Association of the USA (UNA-USA), amid questions of immunity and a previous UNFCU settlement for sanctions violations.

 UNFCU's website lists under “Missions to the UN in New York eligible to join UNFCU” that of “North Korea (DPRK).”

Inner City Press asked UNFCU's Senior Manager of Media Relations Elisabeth Philippe questions including “why some UN member states' missions to the UN are eligible to join UNFCU, including the Democratic People's Republic of Korea, and others are not, why members of UNA-USA became eligible to join UNFCU, what regulatory filings in any UNFCU made for this change in field of membership, and any restrictions on the use of these UNA-USA members' funds, and what services UNFCU offers to UN agencies and country teams, in which countries, and if there are any restrictions or safeguards.”

  On deeming the North Korean mission and all of its employees eligible, UNFCU's Ms. Philippe told Inner City Press, “The employees of any mission to the United Nations based in New York are eligible to apply for UNFCU membership. The employees of all missions are eligible to join once their mission has submitted an application and been approved.” The website says the mission itself can join UNFCU. On May 10, Inner City Press asked the chairman of the UN Security Council's North Korea Sanctions Committee Sebastiano Cardi about North Korea's embassy in Berlin renting out space as a hostel, video here. What safeguards does UNFCU, with UNA-USA's members in its field of membership, have?


  On UNFCU expanding its field of membership to including anyone who joins UNA-USA, Ms. Philippe told Inner City Press, “UNA-USA is the largest UN advocacy organization in the United States. UNFCU is a financial organization providing retail banking for the UN community. Members of UNA-USA, who are US citizens or permanent residents of the US, are eligible to become members of UNFCU. In December 2013, the National Credit Union Administration (NCUA), the US regulatory body which oversees US federal credit unions, approved the expansion of UNFCU membership to include UNA-USA based on a shared mission and values in support of the United Nations. UNA-USA members who become members of UNFCU are eligible for the full suite of products and services available to UNFCU’s field of membership.”

  But what is in the “full suit of products and services” available from UNFCU? The US Office of Financial Asset Control or OFAC settled charges against UNFCU for, in connection with Mission employees, violating sanctions, see here. And Inner City Press' third question, about precisely what services “UNFCU offers to UN agencies and country teams” - including for example in North Korea - remains at publication time unanswered. Inner City Press previously exclusively reported for example that "Sudanese nationals working for the UN have had part of their salaries paid into UN Federal Credit Union accounts, in U.S. dollars. Then they were told that these dollar accounts were frozen, and could only be transferred to the Bank of Khartoum." Watch this site.

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