US: BVI COMPANY PLEADS GUILTY TO MONEY LAUNDERING AS PART OF SCHEME TO CIRCUMVENT NORTH KOREAN SANCTIONS AND DECEIVE BANKS

A news release from US DoJ on 31 August advised that the Yang Ban Corporation, a company established in BVI in 2014 and operated in SE Asia had pleaded guilty to conspiring to launder monetary instruments in connection with evading sanctions on North Korea and deceiving correspondent banks into processing US dollar transactions.  The company will pay a financial penalty totalling $673,714.04.   Pleading guilty, Yang Ban admitted and accepted responsibility for its criminal conduct.

https://www.justice.gov/opa/pr/company-pleads-guilty-money-laundering-violation-part-scheme-circumvent-north-korean

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

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s