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North Korean Nuclear Proliferation Sparks Investigations by Global Banks

By Daniel Bethencourt

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. Over the past year and a half, the increasingly embattled and isolated nation has relied on corporate intermediaries, complicit banks and neighboring jurisdictions to move funds and resources amid four separate U.N. Security Council resolutions designed to curtail North Korean trade and finances. But the country has continued shifting funds by using front companies to double as money remitters and individuals to...

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