Korean currency
In 1902, won was introduced as the official currency unit replacing yang at 1 won = 5 yang. The bank of Korea was established 1909 but soon after in 1910, Imperial Japan annexed Korean Empire. Under Colonial rule, the country was made to use the currency unit "yen" in the name of Korean yen, which took over the Korean won at par. After the division of Korea, the state of South Korea was established and recognized in 1948, and won was again made the official currency of the new state. "jeon" was made the subunit of the currency that divided it into 100 equal parts. Bank of Joseon issued the currency for independent South Korea for the first time that too in banknotes only.
Delta Asia Financial Group
The bank has been accused of engaging in money laundering and distribution of superdollars for the government of North Korea. In September 2005, the impending imposition of sanctions by the United States was announced, which triggered a massive bank run. As a result, the Macao Government invoked a banking law to replace the bank's board by government appointees. As a result of this, several North Korean companies in Macao which had accounts with the bank, including Zokwang Trading, had their accounts frozen. Kim Jong-nam, the eldest son of North Korea's leader Kim Jong-il, had lived in Macao since 2004, when the United States imposed sanctions on a bank in Macao for allegedly helping North Korea launder money. However, the United States agreed to resolve the issue of frozen Banco Delta Asia bank accounts, if North Korea disarms its atomic arsenal.