LINK TO NORTH KOREAN STATUE-BUILDER MAY EXPOSE DR CONGO BANK TO SANCTIONS

On 20 August, Bloomberg Quint reported that Congo Aconde Sarl, the DRC unit of Cameroon’s Afriland First Bank Group may be violating sanctions by providing banking services to a North Korea-linked statue-building company. North Korea has used statue-building as a way of gaining favour with African leaders. It is also claimed that the bank has allowed access to other sanctioned persons, including Dan Gertler.

Meanwhile, NK News reported (citing the same source) that 2 North Korean businessmen were able to illegally open a bank account in the DRC and use it for international money laundering, saying that North Korean nationals Pak Hwa Song and Hwang Kil Su were contracted by government officials to carry out construction projects using public funds in Congo in 2018 and 2019.

https://www.bloombergquint.com/business/congo-bank-may-be-violating-north-korea-sanctions-group-says

https://www.nknews.org/2020/08/north-koreans-launder-money-through-an-illegal-bank-account-in-congo/

https://www.bloombergquint.com/business/congo-bank-may-be-violating-north-korea-sanctions-group-says

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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