WASHINGTON, May 29 — The US Justice Department indicted 28 North Koreans and five Chinese yesterday for operating a money laundering ring that moved billions of US dollars through global banks to avoid nuclear sanctions on Pyongyang. The network processed more than US$2.5 billion (RM10.9 billion)...
Friday, 29 May 2020 08:49 AM MYTWASHINGTON, May 29 — The US Justice Department indicted 28 North Koreans and five Chinese yesterday for operating a money laundering ring that moved billions of US dollars through global banks to avoid nuclear sanctions on Pyongyang.
Most of those indicted were associated with a network of “covert” branches of North Korea's blacklisted Foreign Trade Bank, and included two people who had served as presidents of the bank, Ko Chol Man and Kim Song Ui, and two vice presidents. In the scheme which operated from 2013 until this year, the defendants and co-conspirators “concealed FTB's involvement in US dollar payments from correspondent banks in order to trick the banks into processing the payments,” the indictment said.The indictment gave no information on how North Korea came by that sum of money, but it was intended for use for everything from luxury goods to supplies for the country's nuclear weapons program, a US official said.
“Through this indictment, the United States has signified its commitment to hampering North Korea's ability to illegally access the US financial system, and to limiting its ability to use proceeds from these illicit actions to enhance its illegal weapons of mass destruction,” said Michael Sherwin, the acting US attorney for Washington, in a statement.
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