U.S. targets North Korea-linked funds processed through 8 major banks

U.S. says $700 million in funds processed on behalf of DPRK-linked Chinese network since 2009

Hamish Macdonald July 7, 2017

U.S. targets North Korea-linked funds processed through 8 major banks

Image: Dollars by KJGarbutt on 2011-11-20 20:54:33

The U.S. government has attempted to seize funds from accounts within eight major financial institutions linked to North Korea and its military, a Memorandum and Order (MO) document published on Thursday shows.

The document, published by the District Court for the District of Columbia, reveals that the U.S. government filed applications for “damming” seizure warrants for the eight banks, which it claims to have processed $700 million dollars on behalf of entities with links to North Korea over the last eight years.

About the Author

Hamish Macdonald

Hamish Macdonald is an Associate Fellow at RUSI working on Project SANDSTONE and formerly a journalist and researcher who has focused uniquely on North Korea related topics and affairs. He was previously the COO of the Korea Risk Group, which produces the NK News and NK Pro. Specialising in this area, his investigations covered topics including North Korean sanctions evasion activities, domestic economic development and human rights.

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