North Korea has laundered money through US banks in an elaborate, years-long plot to evade international sanctions, according to a new report citing a leak of confidential documents from leading financial institutions.
The documents revealed that North Korea-linked organizations allegedly transferred more than $174.8 million illegally using shell companies and assistance from Chinese companies through US banks, including JPMorgan Chase and the Bank of New York Mellon, NBC News reported.
During that period, Washington had ramped up its sanctions against the Hermit Kingdom as Pyongyang pursued its nuclear and missile programs with vigor, according to the network.
Wire transfers from companies with shady ownership were made only days or hours apart in some instances, with amounts in round numbers and with no clear commercial reasons, according to the documents cited by NBC News. . .
Eric Lorber, a former Treasury Department official who worked on sanctions against the rogue regime during the Trump administration, told NBC News that “taken as a whole, you have what really, frankly, looks like a concerted attack by the North Koreans to access the US financial system over an extended period of time through multiple different avenues in ways that were fairly sophisticated.” (Read more from “Report: North Korea Laundering Money Through U.S. Banks to Evade Sanctions” HERE)