Numerous Enforcement Actions for Violations of North Korean Sanctions

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Friday, May 5, 2023
Alex Mostaghimi

On April 24, the U.S. Department of Justice (DOJ) unsealed two federal indictments against a representative for the North Korean Foreign Trade Bank (FTB) for his role in a money laundering conspiracy through cryptocurrency.  The indictments allege that North Korean operatives evaded sanctions, conspiring with over-the-counter cryptocurrency traders to launder stolen funds to buy stolen goods previously unavailable to North Korea due to U.S. sanctions.[1]  This case also relates to a settlement by a British Tobacco Company for selling tobacco to North Korea despite previously exclaiming that they were ceasing these illicit operations.

[1] DOJ, North Korean Foreign Trade Bank Representative Charges in Crypto Laundering Conspiracies, DOJ, April 24, 2023