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5/28, 9:12 PM (Source: TeleTrader)
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US indicts Chinese, N.Korean citizens for circumventing sanctions

A total of 33 individuals, five from China and 28 from North Korea, have been indicted in the United States for allegedly creating front companies to access the US financial system and circumvent North Korea sanctions, court papers revealed on Thursday.

Acting US Attorney for the District of Columbia Michael Sherwin told the Washington Times: "The defendants in this case used more than 250 front companies to allegedly obscure $2.5 billion in illicit financial dealings conducted by North Korea’s Foreign Trade Bank." He added that the indictment will disable funds to arrive to North Korea that could be used to create "illegal weapons of mass desrtuction."

The Foreign Trade Bank is a North Korean government-owned foreign exchange bank that has been sanctioned by both the United Nations Security Council and the US.

Breaking the News / VP