January 21, 2021

US government could net $2.37 million in unclaimed, frozen North Korean funds

Deadline to claim the money has passed, so prosecutors will ask for default judgment to give funds to the government

In a New Year’s Eve filing, U.S. prosecutors filed a declaration intended to lead to a default judgment, which could net the U.S. government at least $2.37 million in frozen bank wires related to North Korean money laundering and the sanctioned North Korean Foreign Trade Bank (FTB).

The declaration is the most recent development in the case, which began last July when the U.S. filed a complaint to forfeit the funds. Well past the Sep. 2 deadline for any potential claimants to step forward, the U.S. is now proceeding with motions to produce a default judgment.