July 04, 2022

US seizes $2.3 million from two companies in latest DPRK sanctions ruling

Federal court says Yuanye Wood and an unnamed Singaporean firm funneled cash to DPRK-controlled entities

The U.S. will seize $2.3 million from two companies linked to a North Korean money laundering scheme, newly released court documents show, the latest blow to Pyongyang’s network of overseas front companies.

The ruling by the U.S. District Court for the District of Columbia comes after the Federal Bureau of Investigation (FBI) first accused the companies — Yuanye Wood Co. Ltd. and an unnamed Singaporean firm referred to as Cooperating Company 1 — of helping funnel U.S. dollars into North Korean banks.