Search Results for “Treasury bank”

April 6, 2006

Is Kim Jong Il Bankrupt?

There is more evidence to suggest that North Korea really is in dire financial straits after all. Some would not call this a novel conclusion to make about a country in which 2.5 million people have starved to death, but a careful reading of what NGO workers and refugees tell us of how the food was passed out suggests that the North Korean regime was not unduly upset about that, as long as its elite ate well and never lacked...

China/China & Korea/Counterfeiting/Diplomacy/NK Economics/Uncategorized

April 4, 2006

Treasury Official: NK Sanctions Are Leaving a Mark

Last week, we heard that Kim Jong Il was trying to wait out President Bush. This week, a new report suggests that the converse may also be true: The U.S. Treasury Department says its ongoing financial sanctions against North Korea put “huge pressure” on the regime that could have a “snowballing … avalanche effect.” Under Secretary Stuart Levy was quoted in the latest edition of Newsweek, which analyzed the possible effect on the regime from Washington’s identification of the Banco...

An Alliance?/Appeasement/China/China & Korea/Counterfeiting/NK Economics/Six-Party Talks/Uncategorized/WMD

February 27, 2006

Supernotes Scandal to Hit Bank of China; NK Gov’t in Talks with U.S. on Counterfeiting

Via the Chosun Ilbo: The U.S. is preparing to seize more than US$2.67 million from three frozen bank accounts with Chiyu Banking, a subsidiary of Bank of China Hong Kong. The South China Morning Post reported the funds are believed to be the first known link between a Hong Kong bank and North Korea’s underground trade in “supernotes,” or high-quality fake US$100 bills. The accounts belong to an unemployed mainland Chinese woman named Kwok Hiu Ha. The Bank of China...

China/China & Korea/Counterfeiting/Defectors/Diplomacy/NK Economics/Uncategorized

April 30, 2023

British American Tobacco, North Korea, & the Bomb: Setting a New Low for How Evil a Tobacco Company Can Be

Last Tuesday, British American Tobacco, the world’s second-largest tobacco company, along with its Singaporean subsidiary, pled guilty to bank fraud and conspiracy charges and agreed to pay a combined $635 million in criminal and civil fines, penalties, and forfeitures to the Treasury and Justice Departments. The charges arise from an secret joint venture, going all the way back to 2001, in which BAT sold the North Korean government tobacco, other materials, machinery, and technical help to manufacture cigarettes, despite having said...

Money Laundering/NK Crime/U.S. Law

July 19, 2022

The U.S. & South Korea should enforce existing sanctions against North Korea, not bargain for new ones

Between 2017 and 2022, the leaders of the United States and South Korea performed an experiment: what if they froze joint military exercises, said nothing about Kim Jong-un’s crimes against humanity, offered aid, and stopped actively enforcing sanctions? The results of the experiment are in. This week, Treasury Secretary Yellen is in Seoul, where she met with President Yoon to discuss, among other items, what each of the two government should do about Kim Jong-un’s increased missile tests, and the...

An Alliance?/Money Laundering/Sanctions/U.S. Law

October 3, 2021

Selling Slavery: South Korean investors’ $900,000 Kaesong lobbying campaign

Documents filed with the Justice Department in July show that a group of South Korean investors hired a San Francisco law firm and a South Korean consulting firm to lobby the U.S. government to support reopening a shuttered, looted, and partially exploded manufacturing complex near Kaesong, North Korea. The documents were required to be filed with the Justice Department and made public under the Foreign Agents Registration Act of 1938 (FARA), a law designed to expose foreign propaganda and influence...

Kaesong/U.S. & Korea/U.S. Law

March 23, 2021

For the first time, the Justice Department extradites a North Korean to stand trial in the U.S.

Today, the Justice Department announced that for the first time, it has extradited a North Korean national to the United States. Mun Chol Myong, who was based in Malaysia, and whom DOJ claims to be an agent of the Reconnaissance General Bureau, allegedly laundered money through the United States to do deals between the Foreign Trade Bank of North Korea (designated in 2013 for WMD proliferation financing), the military electronics manufacturer, Glocom, and other wholesome types. Funny, no mention of...

Luxury Goods/Money Laundering/Southeast Asia/U.S. Law

July 21, 2020

Our S Korean ally has a plan to bail Kim Jong-un out, but it’s no better than the rest of them

I really think South Korean President Moon Jae-in wants to bail Kim Jong-un out more than I want my next breath. Even before he was sworn in, he called for the reopening of Kaesong and other joint projects to ease the burden of U.S.-led sanctions. Once in office, he called for major investments in North Korea until a call from the Treasury Department scared his bankers away. He turned a blind eye to purchases of North Korean coal, and probably to the smuggling of luxury goods, into...

An Alliance?/Sanctions

July 17, 2020

Why DOJ’s deferred prosecution of Essentra FZE is a good deal for it, & for us.

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...

Money Laundering/U.S. Law

May 13, 2020

OFAC’s new North Korea (sort of) designations

Today, the Treasury Department’s Office of Foreign Assets Control published a colossal list of amendments to the North Korea designations on its list of Specially Designated Nationals—its sanctions blacklist for the financial industry. The amendments are requirements under the new Otto Warmbier North Korea Nuclear Sanctions and Enforcement Act, the North Korea Sanctions and Policy Enhancement Act, and the regulations promulgated under those authorities. Today’s announcement is an encouraging sign that the administration is feeling more pressure to enforce these...

Cyberwar/Money Laundering/Sanctions/Shipping sanctions

April 14, 2020

On OFAC’s new North Korea Sanctions regulations

In the days since the Treasury Department announced its amendment to the North Korea sanctions regulations at 31 CFR Part 510, I’ve received at least half a dozen inquiries from journalists about what it means. Unfortunately for us all, today also marks the first day in almost three weeks, inclusive of weekends and holidays, that I did not work a significant amount overtime in my day job—currently, it involves responding to the nationwide coronavirus disaster declaration—so I’ll keep this post...

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

March 2, 2020

DOJ indicts 2 Chinese men for laundering stolen South Korean Bitcoin for North Korean hackers

Today, the U.S. Attorney’s Office for the District of Columbia unsealed an indictment of two Chinese nationals, Tian Yinyin and Li Jiadong, charging them with money laundering and running an unlicensed money transmitting business, for laundering $100 million in stolen Bitcoin and Ether for North Korean hackers between July 2018 and April 2019. The indictment alleges that the $100 million was part of a $250 million take the Lazarus Group stole from four cryptocurrency exchanges, three of them in South...

Cyberwar/Money Laundering/U.S. Law

February 14, 2020

Huawei & North Korea: Reading between the lines of EDNY’s new indictment

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...

Money Laundering/U.S. Law

December 20, 2019

The Warmbier Act could raise the pressure on Kim Jong-un dramatically, whether Donald Trump likes it or not

Kim Jong-un is wrapping Donald Trumpâ€™s Christmas present, and Putin and Xi Jinping say that Trump should lift the sanctions on Kim theyâ€™ve been violating anyway, but Congress just made those sanctions much tougher in a new bill, the Otto Warmbier North Korea Nuclear Sanctions and Enforcement Act, which just passed both houses of Congress as an amendment to the National Defense Authorization Act for Fiscal Year 2020, or NDAA. The bill is an updated version of the BRINK Act,...

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

May 10, 2019

I’ll give you a topic. The final voyage of the “Wise Honest” was neither. Discuss.

The U.S. Attorney’s Office for the Southern District of New York has seized and sued to forfeit a 17,000-ton North Korean bulk carrier that was hauling neither rice, nor corn, nor milk, but coal to enrich Kim Jong-un, and machinery to keep his mines and his military-industrial complex from shutting down.1 And it was doing it with money laundered through correspondent banks in our country, in New York City. This is the great, uncharged crime of the M/V Wise Honest,...

Money Laundering/Shipping sanctions/U.S. Law

April 23, 2019

The “experts” were wrong. The sanctions are working.

The fact that even the New York Times says so didn’t make it so; it just made it harder for people who trust the New York Times to deny it. But for those of us who’ve always put more stock in the Daily NK and Rimjin-gang, the evidence has been piling up for more than a year. Our chronology begins in March 2016, two months after North Korea’s fourth nuclear test and one month after Congress passed the North Korea Sanctions...

Sanctions

March 25, 2019

How Congress can legislate maximum pressure over Donald Trump’s veto

In 1986, Congress passed the Comprehensive Anti-Apartheid Act by a vote that was overwhelming, if not quite so overwhelming as the margins by which later congresses would pass North Korea sanctions. I still have a vague memory of when President Reagan vetoed anti-Apartheid sanctions and took his plea for “constructive engagement” to the American people, making many of the same arguments that the left would make generations later to support “engagement” with Kim Jong-un. Congress, unpersuaded then as now, overrode...

Sanctions/U.S. Law

March 18, 2019

Chollima Civil Defense just became a serious threat to Kim Jong-un’s misrule (Update: No, it didn’t.)

Update: As of today, it looks like most of what we’ve read about this story was untrue — starting with the lack of evidence that any of the people involved were even North Koreans. They appear to have been U.S., South Korean, and Mexican nationals instead. They aren’t going to publish what they found on the computers, either. They just handed them over to the FBI, which potentially puts the FBI in the difficult position of holding property stolen from...

Resistance

Search Results for: Treasury bank