Category: Money Laundering

In the Washington suburbs, $665,112 will buy you a nice house, but not a mansion. A settlement with the Treasury Department for a civil penalty in that amount isn’t going to bankrupt a large multinational corporation. Its main impact on Essentra FZE, a UAE-based subsidiary of a British corporation that makes cigarette filters, may be in its access to financial services and legal fees, which would still be worth every penny if they exceeded the penalty. You could argue back...

HUAWEI, WHICH WAS PREVIOUSLY INDICTED FOR eleven counts of conspiracy, bank fraud, wire fraud, violations of Iran sanctions, and money laundering (plus criminal forfeiture counts) now finds itself hit with a superseding indictment for sixteen counts of similar allegations by prosecutors in the Eastern District of New York, or EDNY. I’ve always been impressed with the quality of EDNY’s work. It’s a plucky, underrated little office that sits resentfully in the shadow of its more prestigious and prideful neighbor in...

If you haven’t already read my post about Chief Judge Beryl Howell’s order directing three Chinese banks to comply with federal grand jury and statutory subpoenas of their North Korea-related records, you should probably start there. Although the docket in this case is still sealed, I speculated in that post that the banks would likely appeal to the D.C. Circuit and seek a stay of the court’s order. And so they have, according to an order Judge Howell unsealed today....

The U.S. Attorney’s office for the Southern District of New York has indicted Singaporean national Tan Wee Beng for laundering money on behalf of two sanctioned North Korean banks—Daedong Credit Bank of Panama Papers infamy, and Korea Kwangson Banking Corporation of Dandong Hongxiang infamy. Both banks have been designated and blocked for years under Executive Order 13382, for proliferation financing. Both banks are also designated by the U.N. Security Council. You can read the indictment here and the Justice Department’s...