North Korean-Linked companies have been using shell companies along with the help of China to launder money through prominent banks, according to NBC News. According to the documents, North Korea has been able to circumnavigate the US and other foreign sanctions through this scheme. Approximately $175 million has been sent through Chase and Bank of New York Mellon. The documents that NBC used came from FinCEN, the Treasury Department's Financial Crimes Enforcement Network. a project that examines suspicious activity reported by banks. These revelations emphasize the need for access to the global financial community and also the ineffectiveness of traditional sanctions.
Link: https://www.nbcnews.com/news/world/secret-documents-show-how-north-korea-launders-money-through-u-n1240329
Matthew J. Nealon
No comments:
Post a Comment