Daily Management Review

North Korea related firms laundered nearly $ 175m through US banks


Firms related to the DPRK have legalized more than $ 174.8 million through US banks, bypassing sanctions, NBC News reported, citing bank documents.

The documents reviewed by the channel are part of the dossier of BuzzFeed News, which received over two thousand confidential "suspicious transaction reports" of the US Treasury's Office of Financial Crimes Enforcement (FinCEN).

According to the channel, transactions were carried out through US banks JP Morgan and Bank of New York Mellon from 2008 to 2017, despite sanctions against Pyongyang. At that time, the administrations of US Presidents Barack Obama and Donald Trump tightened North Korean sanctions. The DPRK was able to "bypass" the restrictions, including thanks to help from firms from China and Singapore, the channel points out.

In particular, according to the bank statements of the Bank of New York Mellon, the Chinese firm Dandong Hongxiang Industrial Development Corp in Dandong city sent money through China, Singapore, Cambodia, the United States and several other countries to the DPRK. To do this, it used many shell companies and laundered money through US banks in New York. In total, $ 85.6 million was legalized with the help of suspicious transactions, NBC News reports.

According to the channel, confidential documents from JPMorgan Chase bank indicate that transactions in the amount of $ 89.2 million were carried out through it. These funds went to 11 companies and individuals associated with the DPRK.

source: nbcnews.com