dailycaller
RYAN PICKRELL
China/Asia Pacific Reporter
1:39 PM 08/22/2017
[excerpt]
http://dailycaller.com/2017/08/22/us-demands-millions-of-dollars-from-companies-caught-laundering-money-for-north-korea/The U.S. has accused two foreign companies of laundering money for the North Korean regime, according to a report from the Department of Justice.
The U.S. filed complaints against China-based Dandong Chengtai Trading Co. Ltd. and Singapore-based Velmur Management Pte Ltd. for acting as financial facilitators for North Korea. Representing the largest seizure of North Korean funds by the Department of Justice, the U.S. is demanding $11 million from the two companies.
One of the complaints alleges that “Dandong Chengtai and associated front companies controlled by Chi Yupeng, a Chinese national, comprise one of the largest financial facilitators for North Korea,” the report explained. The Chinese company conspired to evade sanctions and conduct U.S. dollar transactions for the North Korean Workers’ Party, a sanctioned entity. Velmur allegedly laundered money on behalf of sanctioned North Korean banks that sought to procure petroleum.
