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Category: Sanctions

July 29, 2014

Yonhap interviews Ed Royce, on H.R. 1771

The day after the North Korea Sanctions Enforcement Act passed the House, Royce gave an interview to Yonhap: “We have tried every approach to engage North Korea and the only time that we’ve ever really had their attention was when we’ve used some leverage on the regime itself,” Royce said in the interview in his office shortly after the bill’s passage on Monday, referring to the BDA sanctions. [….] Royce said that chances of the bill passing through the Senate...

Categories Sanctions/U.S. Law
July 28, 2014

H.R. 1771 passes House of Representatives on a voice vote

Chairman Royce (R, Cal.) and Congressman Gerry Connolly (D, Va.) both spoke strongly in favor. No member was opposed, and no member asked for a vote. The “ayes” had it just after 3 p.m. If there’s any aspect of this that’s bittersweet, it’s that a lot of people who worked hard for this outcome could not be there to see it because the vote was scheduled on such short notice. Here is the version that passed the House today. Now,...

Categories Sanctions/U.S. Law/U.S. Politics
July 25, 2014

H.R. 1771 scheduled for a House floor vote on Monday

It’s on the calendar. And while I doubt there will be serious opposition in the House, we’ll need Kim Jong Un’s help to pass the Senate this year. But if not this year, next. Eventually, he’ll do something stupid, and when he does, we’ll be ready. By itself, passage in the House would be a major symbolic victory. No one will ever be able to say there’s no alternative to standing by and watching a nation be slaughtered, strangled, and...

Categories Sanctions/U.S. Law/U.S. Politics
July 23, 2014

APG needs N. Korea like the Vienna Boys’ Choir needs Jerry Sandusky

The Asia/Pacific Group on Money Laundering describes itself as “an autonomous and collaborative international organisation … consisting of 41 members and a number of international and regional observers [who] are committed to the effective implementation and enforcement of internationally accepted standards against money laundering and the financing of terrorism, in particular the Forty Recommendations of the Financial Action Task Force on Money Laundering (FATF).” APG has an Associate Membership in FATF, the world’s primary international organization dedicated to fighting money...

Categories Money Laundering
July 21, 2014

FBME Bank denies money laundering allegations

FBME Bank, whose correspondent accounts were ordered closed by a Treasury Department action under Section 311 of the USA PATRIOT Act last week, has responded to Treasury’s allegations of money laundering: FBME said it was “shocked” by the content of the US Department of the Treasury notice “that sets out unexplained allegations of weak AML controls,” which, the bank said, it had not been given any opportunity to comment on or refute. The bank denied the allegations, saying it had...

Categories Money Laundering/Sanctions
July 21, 2014

U.S. should ask Mexico to search the M/V Mu Du Bong

Last week, I linked to a piece by investigative journalist Claudia Rosett (third item), noting the travels of the North Korean freighter Mu Du Bong from Cuba into points unknown in the Gulf of Mexico. Now, thanks to intrepid Miami Herald reporter Juan Tamayo, we learn that the Mu Du Bong has run aground in the Mexican Gulf Coast port of Tuxpan, not far from Veracruz. The ship is said to be empty, but there are a number of suspicious aspects of its behavior....

Categories NK Military/Sanctions
July 17, 2014

Treasury nukes bank with possible North Korea links (updated)

The Treasury Department has gone full Banco Delta on Cyprus-based, Tanzanian-chartered FBME Bank for money laundering, terrorist financing, and possibly even Syrian WMD proliferation — proliferation that is closely linked to North Korea. According to Treasury’s press release, FBME promoted itself as a provider of no-questions-asked banking services with loose anti-money laundering controls, although I saw no evidence of this at FBME’s Web site. But according to Treasury’s more detailed Notice of Finding, FBME was laundering money for Hezbollah, illegal...

Categories Money Laundering/Proliferation/Sanctions
July 15, 2014

You’d be surprised how much tougher our Zimbabwe and Belarus sanctions are than our North Korea sanctions.

The Treasury Department has just tightened its sanctions regulations on … Zimbabwe, more than doubling the number of Zimbabwean entities on Treasury’s List of Specially Designated Nationals (called the SDN List) from 77 to 161, including “President” Robert Mugabe, his wife, and his son. The sanctions are largely directed at the Mugabe regime’s human rights violations, corruption, and subversion of the democratic process. Here, from Treasury’s Federal Register notice, is a summary of what those sanctions do: Section 1(a) of...

Categories Human Rights/Sanctions
July 10, 2014

Obama administration sanctions everyone except Kim Jong Un

The boys at Treasury have been busy sanctioning nasty people lately … just not nasty North Korean people. In the last 30 days, they’ve imposed sanctions on new targets in Syria, the Central African Republic, South Sudan, and the Ukraine, and put a shiny new Executive Order on the President’s desk blocking the assets of human rights violators in Democratic Republic of Congo. Really? We do that sort of thing? Yes, we do that sort of thing — just not...

Categories Sanctions
April 29, 2014

Just test the damn thing already.

So the news this week is that the Obama Administration, which for the last five years has stayed its hand from sanctioning North Korea because of Chinese sensitivities, has just blocked the assets of top members of Vladimir Putin’s government over their seizure of the Crimea. That sounds like an effective way to piss them off, but I can’t see how it poses a serious threat to Russia’s economy or Putin’s domestic support, or how it will deter his next...

Categories Sanctions/U.S. & Korea/WMD
March 19, 2014

The U.N. Panel of Experts is starting to follow Kim Jong Un’s money.

The main headlines that will come of the U.N. Panel of Experts’ new report on the enforcement of North Korea sanctions will mostly cover the Chong Chon Gang incident — the large amount of weapons seized, the brazenness of its deception, and the complexity of its corporate and financial links to entities operating from Russia, Singapore, and China. There has been relatively little attention paid to the newly revealed evidence that North Korea has helped Syria and Iran arm terrorists....

Categories "United" Nations/Money Laundering/Sanctions
March 11, 2014

U.N. Panel of Experts releases new report on N. Korea sanctions enforcement

The report, which you can find here, publishes photographs and a detailed description of the weapons seized from the Chong Chon Gang. I had not realized how big the shipment was: 72. The Panel found that the hidden cargo (see figure XI, a complete list at annex VII and detailed analysis at annex VIII) amounted to six trailers associated with surface-to-air missile systems and 25 shipping containers loaded with two disassembled MiG-21 aircraft, 15 engines for MiG-21 aircraft, components for...

Categories "United" Nations/Sanctions
March 7, 2014

Look how fast Treasury can freeze assets when it wants to

Yesterday, Treasury’s Financial Crimes Enforcement Network (FINCEN) released this advisory to banks around the world to be on the lookout for deceptive financial practices designed to move the ill-gotten wealth of 18 former Ukrainian officials, including Viktor Yanukovich. The chilling effect of this will likely be that banks around the world refuse to move large sums of money for mysterious figures linked to these 18 people, for fear of losing their access to the financial system. Although the advisory says...

Categories Sanctions
March 6, 2014

Open Sources, March 6, 2014

~  1  ~ THANK YOU TO THOSE WHO CAME to this event on Capitol Hill yesterday and helped make it a huge success. We filled the room well beyond its capacity. There was an energy in the room that went beyond the question of numbers. It was who was there — young, old, in-between, conservatives, liberals, and a variety of ethnicities, including a very sizable Korean-American contingent. I don’t have words to express my admiration for the leadership of Suzanne...

Categories Activism/Human Rights/Proliferation/Sanctions/U.S. Politics
February 27, 2014

Boston Globe endorses the North Korea Sanctions Enforcement Act

The Boston Globe, a newspaper with “a long and proud tradition of being a progressive institution,” writes: Nevertheless, there is much the United States can do unilaterally to step up the pressure on this irresponsible regime. Passing the North Korea Sanctions Enforcement Act of 2013 is a logical step that would ensure that bad behavior faces consequences. Much as Iran was confronted with crippling financial sanctions, the act would punish international financial institutions that do dirty work for North Korea. Under the act, the president of...

Categories Human Rights/Sanctions
February 25, 2014

Royce goes to Seoul, calls for cutting off Kim Jong Un’s cash

So Ed Royce, Chairman of the House Foreign Affairs Committee, was in Seoul last week, and sat down for an interview with Yonhap to talk North Korea: “It seems that the strategy that slows down North Korea the most is not allowing them access to the hard currency which they use in order to create their offensive nuclear weapons capabilities,” said Royce in an interview with Yonhap News Agency in Seoul.  Royce is now in Seoul along with a delegation...

Categories Sanctions/Sunshine/U.S. & Korea/U.S. Politics