September 23, 2020

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

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.