![]() In addition, the Financial Crimes Enforcement Network (“FinCEN”) deemed the entire North Korean financial sector as a jurisdiction of primary money laundering concerns in 2016 under Section 311 of the Patriot Act. financial institutions, are generally prohibited from dealing with individuals and companies on this list. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), as part of its efforts to impede North Korea’s ballistic missile and weapons of mass destruction programs, placed the FTB on the Specially Designated Nationals and Blocked Persons list. ![]() The multi-year scheme dates back to 2013 when the U.S. The Indictment charges the individuals with conspiring to launder money, violations of the “international” prong of the money laundering statute (about which we have blogged), bank fraud, and violations of the International Emergency Economic Powers Act.Īlthough the Indictment is interesting standing alone, it also represents the latest in a series of enforcement actions involving North Korea and the U.S. ![]() financial system, and to circumvent sanctions intended to guard against threats to national security, foreign policy, and the U.S. The complex and far-flung scheme purportedly involved covert branches of North Korea’s state-owned Foreign Trade Bank (“FTB”)-all opened in foreign countries in an attempt to access the U.S. Department of Justice (“DOJ”) unsealed a 50-page indictment against 28 North Korean and 5 Chinese bankers accused of using more than 250 front companies to obscure $2.5 billion in illicit financial dealings (“the Indictment”). Indictment Again Highlights the Role of Correspondent Banking in Money Laundering
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