U.S. officials in the past three years have increasingly used a little-known but powerful data-gathering measure to identify illicit proceeds moving through the global financial system, including assets currently flowing to and from North Korea, say sources.
Global banks have scaled up their efforts to find front companies tied to North Korea’s nuclear weapons program, which, through a series of perpetually evolving sanctions-evasion schemes, has advanced despite an international embargo against the country, say sources.
The Financial Crimes Enforcement Network issued a final rule under section 311 of the USA PATRIOT Act that designates Bank of Dandong as a primary money laundering concern and prohibits U.S. financial institutions from opening or maintaining a correspondent account for or on behalf of the bank.
November 2, 2017
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