Massive Criminal Indictments Brought Against Chinese and North Korean Officials Accused of Violating Sanctions

I have always said that the Kim regime is not going to feel the real effect of sanctions until the Chinese banks are sanctioned. Hopefully this is a sign of the U.S. government more aggressively going after Chinese banks:

The U.S. government has charged 28 North Korean and five Chinese individuals with facilitating more than $2.5 billion in illegal payments for Pyongyang’s nuclear weapons and missile program as part of a clandestine global network operating from countries including China, Russia, Libya and Thailand.

In a 50-page federal indictment unsealed Thursday in Washington, D.C., the Justice Department accused the individuals of acting as agents of North Korea’s Foreign Trade Bank, in what officials say is the largest North Korean sanctions violations case charged by the U.S.

Working for the FTB — which is North Korea’s primary foreign currency bank and under sanctions for facilitating nuclear proliferation — the agents allegedly set up more than 250 front companies and covert bank branches around the world to mask payments transiting the U.S. financial system, including through several Chinese banks and for equipment from Chinese telecommunications giants Huawei Technologies Co. and ZTE Corp., according to charging documents. (…….)

The massive enforcement action comes as United Nations experts have detailed North Korea’s widespread evasion of sanctions by using agents of state-owned and other banks overseas to facilitate a global web of illicit oil, arms and coal deals to bring in foreign currency. The efforts have been augmented through offshore, ship-to-ship transfers, large-scalecryptocurrency hacks and ransomware attacks.

Washington Post

A ROK Drop favorite Joshua Stanton from One Free Korea is quoted in the article:

“This adds to the already overwhelming evidence that China’s government is willfully assisting Kim Jong Un in his violations of North Korea sanctions,” said Joshua Stanton, a lawyer who helped write the 2016 law that strengthened North Korea sanctions.

“I’ll believe it’s ‘maximum pressure’ when those banks begin to face nine- and ten-digit penalties, like the ones President (Barack) Obama imposed on European banks that broke Iran sanctions,” Stanton said, and has advised House and Senate staffers on North Korea sanctions law.

According to the article no one is in custody because assuredly the North Koreans and Chinese won’t hand these people over. However, already $63 million in assets have been seized.

Maybe the politics of the coronavirus is finally causing our government to take real action against Chinese banks?