Feds Seek To Seize $1.9M From Chinese Co. Tied To N. Korea

Law360, New York (June 15, 2017, 8:10 PM EDT) -- The U.S. government announced a civil forfeiture action on Thursday targeting $1.9 million from a Chinese company that prosecutors say laundered money for a banned North Korean bank and helped telecommunications company ZTE Corp. evade sanctions.

Citing “two reliable confidential sources,” the government says Mingzheng International Trading Ltd.made $1.9 million worth of U.S. currency transactions on behalf of North Korea's government-run Foreign Trade Bank. The government now seeks to seize the funds, which prosecutors say are being held at six U.S. banks.

The transfers violated sanctions...
To view the full article, register now.