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Category: 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
January 11, 2014

Hey … isn’t that video of Dennis Rodman personally giving banned luxury goods to Kim Jong Un?

Skip to the two-minute mark. Well, that certainly looks incriminating. (Hat tip to a reader.) [I guess he picked the wrong week to quit drinking.] If you haven’t read my post explaining the ban on importing luxury goods to North Korea, you should probably start there.* And since you ask, yes, as a matter of fact, I do believe the bottles are engraved with likenesses of Kim and Rodman. Just to be clear, I don’t think Dennis Rodman should do time over five bottles of liquor,...

Categories Sanctions/Sports/Useful Idiocy
January 7, 2014

Source: Dennis Rodman brought luxury gifts to Kim Jong Un (and that’s punishable by 20 years in prison).

Writing at The Weekly Standard today, Dennis Halpin informs us that Dennis Rodman (no relation) was bringing more than his august presence to Kim Jong Un’s birthday party. Halpin, citing a “diplomatic source” he understandably won’t name but says is reliable, claims that Rodman was also carrying “several hundred dollars’ worth of Irish Jameson whiskey,” “European crystal, an Italian suit for him, and Italian clothing, a fur coat, and an English Mulberry handbag” for Kim’s wife, Ri Sol Ju. The level...

Categories Sanctions/Useful Idiocy
January 6, 2014

Christine Hong really should tell us what she thinks about Kim Jong Un’s sweet new ski resort.

Kim Jong Un’s reign must be a dark time for North Korea’s apologists on the far left. Those who elevate equality above all other values (or say they do) must be hard pressed to find solidarity with a regime that has imposed the world’s most obscene case of economic and social injustice. Under Kim Jong Il, North Korea was no paragon of socialist equality. Since his dynastic succession, Kim Jong Un has added the arch-heresies of gaudy consumerism and an...

Categories Fiskings/Sanctions/Sports/Useful Idiocy
November 25, 2013

How the Iran deal affects North Korea policy

You would think that the world’s biggest government would be capable of handling more than one global proliferation crisis at a time. Unfortunately, Washington isn’t wired for that kind of bandwidth. Major policy initiatives require political capital, and it will take all of this administration’s dwindling reserves to fend off a new round of Iran sanctions in Congress.* The administration couldn’t defend a deal with North Korea now if it had one, and that goes double for the sort of...

Categories Axis of Evil/Iran/Sanctions
November 15, 2013

Sanctions, Sanctions-Busting, and the Limits of Incrementalism (updated)

In the years since Treasury dropped the hammer on Banco Delta Asia, North Korea has adapted to make itself less vulnerable to sanctions. It has decentralized its currency flows to different banks to make it harder for Treasury to cut just one weak link. This means that achieving the same effect we achieved in 2005 will take more time today, although – and this is really just an educated guess – a determined attack on North Korea’s access to hard...

Categories Sanctions
October 28, 2013

Is the next Banco Delta Asia in Malaysia?

Over the weekend, a lot people were giggling at the decision by Paul Chan, President of HELP University, to award an honorary degree in economics of Kim Jong Un. Foreign Policy’s Isaac Stone Fish, who first revealed the story, obligingly prints Chan’s manifesto, which reads like the work of a true belieber — a man who writes as if he has spent an inordinate amount of time watching High School Musical over and over again. I have fond memories of...

Categories Money Laundering/Sanctions/Useful Idiocy/WTF?