Search Results for “forfeit”

November 27, 2017

Treasury Dep’t hits Sun Sidong, N. Korea’s maritime smuggling & mineral exports

Here at OFK, we’ve chronicled a curious fact that few professional foreign policy scholars have noticed: China is opposed to unilateral sanctions, except when it isn’t. Last week — barely a week after President Trump returned from Beijing — he gave Xi Jinping something to oppose. OFAC designated Dandong Kehua Economy & Trade Co., Ltd., Dandong Xianghe Trading Co., Ltd., and Dandong Hongda Trade Co. Ltd. pursuant to E.O. 13810. Between January 1, 2013 and August 31, 2017, these three...

Arms Trafficking/Money Laundering/Shipping sanctions

November 17, 2017

Singapore’s trade ban with North Korea yields more questions than answers

At first glance, this looks like the State Department’s biggest coup yet in its campaign of progressive diplomacy against Pyongyang. “Singapore will prohibit all commercially traded goods from, or to, the Democratic People’s Republic of Korea (DPRK),” the city-state’s customs said in the notice sent to traders and declaring agents last Tuesday, referring to the country by its official name. The suspension would take effect from Nov. 8, Fauziah A. Sani, head of trade strategy and security for the director-general...

Luxury Goods/Money Laundering/Sanctions/Southeast Asia

November 15, 2017

Senate Banking Committee advances the Otto Warmbier BRINK Act, Treasury blocks the Bank of Dandong

Last week, while I was writing my rave review for Donald Trump’s speech to the South Korean National Assembly, the Senate Banking Committee was working to put more tools in his hands to bankrupt the man he would never stoop to calling “short and fat.”* By a unanimous vote, the committee passed the newly renamed Otto Warmbier Banking Restrictions Involving North Korea (BRINK) Act, which I previously discussed here and here. The bill now awaits Senator McConnell’s nod to get on the full...

Money Laundering/Sanctions/U.S. Law/U.S. Politics

November 9, 2017

China cheats on the coal ban again

I still remember my excitement, bordering on giddiness, when in May 2013, a few big banks in China froze some North Korean accounts. That action came two months after the Treasury Department designated North Korea’s Foreign Trade Bank, and just over a week after Ed Royce dropped the first draft of the NKSPEA. But as we’ve learned from our friends in the FBI and the Justice Department since then, big Chinese banks began clearing the FTB’s transactions as soon as...

China & Korea/Sanctions

October 30, 2017

North Korean assassins arrested in Beijing as Tillerson’s terror sponsor decision looms

If you haven’t read my last post on this week’s deadline for the Secretary of State to decide whether North Korea has repeatedly sponsored acts of international terrorism, you may want to start there. This post will be a combination of breaking news and supplement to that post. This morning, Bloomberg News, citing a report in the Joongang Ilbo, is reporting that yet again, North Korean agents have been caught while on their way to assassinate a dissident in exile....

Money Laundering/Sanctions/Terrorism (NK)/U.S. Law

October 24, 2017

WSJ: Sun Sidong under FBI investigation

Previously, I’ve written about the C4ADS investigation that exposed the Sun Sidong network, and that network’s role in money laundering and arms smuggling for North Korea, most notably the seizure of the Jie Shun arms shipment in Egypt. Shortly after the release of C4ADS’s report, Treasury froze the assets of one of Sun’s companies, Dandong Zhicheng Metallic Materials, and the Justice Department filed a civil forfeiture suit against $4 million of its assets. Now, the Wall Street Journal reports that...

Money Laundering/Sanctions

October 18, 2017

Computer crime, bank fraud & money laundering: A preview of Kim Jong-un’s indictment

The Wall Street Journal is reporting that hackers employed by the government of North Korea have been implicated in yet another international bank fraud scheme using . This time, the victim is a bank in Taiwan, and the take was $60 million, all of it laundered through accounts in Cambodia, Sri Lanka, and the United States. In a blog post Tuesday, cybersecurity researchers at U.K. defense company BAE Systems PLC also implicated Lazarus in the Taiwanese theft, saying that tools...

Cyberwar/U.S. Law

October 16, 2017

On North Korea sanctions, evidence of an inflection point

As I’ve mentioned previously, this has been a busy month for me, and a difficult one for keeping up with the many developments in North Korea sanctions enforcement. Over the last months, I’ve been keeping a tally of how those efforts are taking shape. The accumulating evidence now gives reason for guarded optimism that at last, the sanctions are starting to show significant effects. Financial. Treasury Undersecretary Sigal Mandelker sent the right message to the financial industry in her recent...

Sanctions

October 11, 2017

How the U.S. fishing industry can do its part to disarm Kim Jong-un

Long-time readers know that I’ve had many uncomplimentary things to say about the Associated Press’s North Korea coverage. Its still-undisclosed agreements with the North Korean government to open a bureau in Pyongyang sacrificed journalistic ethics for a dubious dividend of access. Since opening its bureau in 2012, AP and its state-supplied North Korean stringers have reported a great deal of North Korean government propaganda and almost no actual news, while ignoring major news stories (to include a hotel fire, a...

AP Watch/Human Trafficking/Media Criticism/Sanctions/U.S. Law

September 21, 2017

Maximum Pressure Watch: Trump puts the squeeze on Kim Jong-un

Donald Trump hit Kim Jong-un with his first sanctions executive order today. (Update: Its official number is Executive Order 13810.) The new EO partially implements UNSCR 2371, UNSCR 2375, and the KIMS Act, which the President signed in August. As a strictly legal matter, this EO will not affect anyone’s interests immediately because Treasury didn’t announce any new designations. As a practical matter, however, we may already be seeing the effects of the clear seriousness of purpose that Trump has...

Money Laundering/Sanctions/Shipping sanctions

September 20, 2017

Save North Korean Refugees Day: This Friday, September 22nd

What sort of place could be so horrible that a family of five would choose to die together rather than be sent there? The answer, of course, is this place, or this one, or this one, or this. Here is the story of a family that made that choice. A North Korean family of five, including a former senior official of the Workers Party, committed suicide last week after they were caught by Chinese police and faced deportation to the...

Refugees

September 13, 2017

Chinese banks are cracking down on N. Korean money laundering again. Will it last this time?

Several news sources are reporting that Chinese banks, particularly in China’s northeast, have started to freeze or close accounts held by North Korean individuals and businesses. The Daily NK, citing unnamed local sources, was the first to report this potentially important development. It says both large state-owned banks (such as the China Construction Bank) and regional banks (such as Pudong Bank) recently banned all North Koreans from opening new accounts and ordered the closure of existing accounts. It also quotes...

Money Laundering/Sanctions

August 31, 2017

Do you own any clothing made in North Korea? (Answer: Don’t be so sure.)

The U.N. Security Council is reportedly considering a variety of new sanctions against North Korea over its latest missile test, and according to Reuters, a ban on textile exports is among the sanctions under consideration. For a few years, we’ve known that the export of textiles (or textile workers, who labor under sweatshop conditions for little or no pay) is increasingly lucrative for Pyongyang. I don’t need to explain that historically, textile work has lent itself to particularly exploitative labor...

Human Trafficking/Sanctions

August 8, 2017

How censorship is leading Korea to ruin

Everyone has the right to freedom of opinion and expression; this right includes freedom to hold opinions without interference and to seek, receive and impart information and ideas through any media and regardless of frontiers. [Universal Declaration of Human Rights, Article 19] Last year, I wrote a post, which I fear is already becoming prescient, about how North Korea could plausibly win the Korean War. In condensed form, the strategy involves Pyongyang leveraging its nuclear, cyber, and chemical weapons supremacy...

Censorship/Propaganda

August 5, 2017

UNSCR 2371: Text and commentary (see update)

Today, the U.N. Security Council adopted Resolution 2371 unanimously. The text is in black, my commentary is in blue italic. PP1: Recalling its previous relevant resolutions, including resolution 825 (1993), resolution 1540 (2004), resolution 1695 (2006), resolution 1718 (2006), resolution 1874 (2009), resolution 1887 (2009), resolution 2087 (2013), resolution 2094 (2013), resolution 2270 (2016), resolution 2321 (2016), and resolution 2356 (2017), as well as the statements of its President of 6 October 2006 (S/PRST/2006/41), 13 April 2009 (S/PRST/2009/7) and 16...

"United" Nations/Sanctions

July 25, 2017

The North Korea travel ban, PUST, and the failure of people-to-minder engagement

Earlier this week, the State Department announced that it will publish a Federal Register notice in the next 30 days, restricting the use of U.S. passports for travel to North Korea, where Americans tend to end up getting arrested, detained for prolonged periods, and lately, much worse. If State will implement the ban through a Federal Register notice, it means it will be done pursuant to the Administrative Procedure Act under some existing statutory authority — almost certainly this one:...

Foreigners in N. Korea

July 24, 2017

OFK Exclusive: House, Senate move new North Korea sanctions legislation

Last year, Ed Royce, the Chairman of the House Foreign Affairs Committee, and Cory Gardner, Chairman of the Senate Asia Subcommittee, led the charge to cut Pyongyang’s access to the hard currency that sustains it by drafting and passing the North Korea Sanctions and Policy Enhancement Act. We’ve known all along that nothing short of presenting Kim Jong-Un with an existential choice — disarm and reform, or perish — would create the conditions for a negotiated disarmament of North Korea,...

Arms Trafficking/Money Laundering/Sanctions/Shipping sanctions/U.S. Law

July 12, 2017

Maximum pressure watch: The Dandong Zhicheng warrants foreshadow N. Korea-related indictments

Last fall, as America was consumed by (depending on your state of residence) post-election trauma or celebratory gunplay, China blew past the North Korean coal import caps it had just agreed to at the U.N., and the Obama administration issued what would be some of its final North Korea sanctions designations — of Daewon Industries (a coal exporter subordinate to the North Korean military) and Kangbong Trading Corporation (a coal exporter subordinate to the Munitions Industry Department and involved in the development of...

Money Laundering/Sanctions/U.S. Law

Search Results for: forfeit